By Nigel Somerville | Tuesday 9 May 2017
Tom Winnifrith keeps reminding us that frauds, like Labour Governments, always end up running out of other peoples’ money. And that brings us to the Chocolate teapots of the FCA which have been exposed in an excellent piece in The Daily Telegraph as having spent enough money to keep a couple of nurses on shift for a year on having its logo redesigned….with an almost identical outcome. Why not spend the cash on catching criminals? I am reminded of images of yester-year of swanky new deep-pile carpets in the hospital chief executive’s office whilst patients waited for years to regain mobility offered by a hip replacement.
This really annoys me, especially as part of the team on ShareProphets which regularly brings you exposes and nails frauds which the useless FCA hasn’t gone anywhere near. And what is even more infuriating is that even when it is handed the evidence on a plate nothing gets done.
Now we can’t just go out and say that everyone working at the FCA should be strung up from the nearest tree. My guess would be that one of the reasons that AIM is so poorly policed is that the FCA simply hasn’t got the man-power and so leaves that to Marcus Stuttard’s even more pointless oxymorons of AIM Regulation.
So why is the FCA spending any money at all on redesigning its logo? Why not hire a new investigative officer instead?
According to the Telegraph (see HERE) the FCA is reported to have spent an absurd (almost) £70,000 on this pointless exercise in corporate self-aggrandisement. I reckon that’s a couple of nurses for a year.
But the near-£70,000 cost is only part of the overall bill. How many senior management and other staff hours were spent on this silly little exercise? What is the total time-cost within the FCA itself on this useless waste of other people’s money? I’ll bet with all manner of discussions and committees and consultations, secretarial hours producing and filing letters and so on the final bill is more like double that £70,000.
More to the point, I reckon it could have hired a pretty decent-calibre investigative officer for over a year for that £70,000 (perhaps two, having saved on the management effort) and actually brought a few of AIM’s ne’er-do-wells to book. A few more complaints of misdeeds by companies could have been researched and the miscreants stopped in their tracks.
But no, what was really needed was a new pretty picture to convey the full effectiveness of the FCA and really terrify fraudsters into behaving themselves.
I've got a cunning plan: how about the FCA use the logo we use for it? I don't suppose Cadbury's will mind - no publicity is bad publicity, and all that. There: £70,000 of public money saved at a stroke, and a much more powerful logo to convey what the organisation does best to boot.
Anyone for a game of spot the difference? (picture courtesy of the Telegraph, in turn courtesy of the FCA)
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