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Comments
quarterley returns.
Once again the FSA have lost the plot. Do they not realise a business needs to make a profit to survive. Not only do they increase fees, but come up with schemes which increase the costs of running the business
Posted by: terry
FSA: Can you think up any more...
...pointless unnecessary wureaucratic expensive timebasting exercises for us to perform? Unlike you bankers we have to make a profit. (For some reason my keyboard is typing 'b' for 'w' and 'w' for 'b' today...)
Posted by: Neil F Liversidge
Dear Mr Cameron......
You have targeted the Public Sector and the scandalous waste of tax payers money but has anyone peaked through the door of the FSA. The detriment caused by regulation to this sector in terms of job losses over the last thirteen years is criminal.This industry reduced the burden on the welfare state but now the last arm distribution is in danger of being regulated to death by small minded box tickers and pointless, expensive exercises. The Public Sector are up in arms but what about us?
Posted by: Peter Taylor
RMAR????
Shouldn't that read GABRIEL??? Come on IFAonline, get with the picture!!!
Posted by: Neil Melton
Is there any one out there ?
Until the FSA can demonstrate competence and efficiency in gathering the current data via GABRIEL, arguably the most dysfunctional, complex, in efficient, non intuitive, design flawed piece of IT that could not survive commercially if it had competition. Then please do not attempt to further embarrass yourselves (FSA) by collecting more. The reality is much of the data on GABRIEL is reported in accurately. Look closely at the design intellect, breathtaking costs, and outcomes and you have the blueprint of the culture that replicates in the persistent failures of the FSA in its wider remit. There is one vitally important intangible asset that does not appear on the RMAR balance sheet. Industry Morale. We are moving ever closer to insolvency in the enthusiasm department. If any one out there shares my views please email me and I will pass the response on to the relevant parliamentary minister. rarnold@rafm.co.uk.
Posted by: Richard Arnold
New Business Register?
Can anybody see why they would want sight of records that you should be already keeping? Does the regulator not appreciate that the crooks can always hide the detail? Is it the innocent who pay the price once again?
Posted by: Evan Owen
Sorry for...
...inevitably sounding haughty Neil - RMAR still exists, it is just submitted via GABRIEL.
Posted by: Ed
More Money
This administrative advancement, and more like them, is an inevitable consequence of the financial crisis and the breakup of the FSA. They need to do two things, and quickly. The first is to grow in size, so that the rump is still substantial after breakup; the additional administrative staff to cover the increase in record keeping is in line with this strategy. Secondly they need to create greater revenue streams to cover the increased staff and maintain salary and bonus levels at the present levels. The 25% cut regime proposed by the Chancellor is not for the FSA. Don't bother asking if the proposals improve the service - that is not their function. It is merely self aggrandisement.
Posted by: Glen McKeown