Could you spend over £600,000 on tea and biscuits in one year?

[Simon Hickman]

Last year the FSA spent:

1. £638,500 last year on coffee, tea and biscuits plus other hospitality for meetings held at its Canary Wharf offices
2. £40,230 on external hospitality
3. £16m on consultants
4. £163,000 on art for its offices
5. £150,000 on staff who complained they had been bullied

Also 200 FSA staff get more than the £142,500 that David Cameron earns as prime minister.

Source:
http://www.introducertoday.co.uk/New...=news_features

[beazleyj]

Wow that takes the "PG Tips" I find it hard to Digest,ives".

Just as well they dont have to pay to use the loos, alot more money wasted when spending a penny.

[davidmd]

perhaps they should consult with Ryanair ??

[Jack Killms]

To be fair, it is one of those account codes that all sorts gets dumped

[carri2010]

Art for the office? Fancy!

[FullyComp]

Follows on from what we were talking about earlier
http://forum.broking.co.uk/showthread.php?t=204887

Do you get the impression they are just laughing at us?

They imposed fines of over £30 million last month.
http://www.ft.com/cms/s/0/39f87f82-7...44feabdc0.html

This should be used to subsidise the levy that innocent brokers are having to find but will it hell. It will just fund more biscuits and activity days. Who actually controls this blatant profiteering?

Wonder if they have any jobs going so they can pay me for a change.

[Mike Cranny]

Unfortunately the fines go into the same"pot" as those fined. This fine wasn't against the broker pot.

There are too many over paid people in the civil service and the FSA.
Greed does not produce efficiency. Greed is a vice, not a virtue.

The idea that you have to pay a lot to get the best people is only true in a perfect market.
High earners, who take out more than they put in and believe themselves to have earned it, are at the root of many disasters..

We are regulated by highly paid amateurs - I would like to know how many FCII and ACII's or people who have worked their lives in car insurance or commercial insurance actually work at the FSA.

All they appear to know about General Insurance is GAP, PPI, "Pure Protection" and other rare products.

The FSCS levy is as fair as jailing the householder instead of the burglar.

[DNorris]

What are BIBA advising whilst they are challenging?

Pay up & wait?

We, like many, have never sold any PPI.

do we need a single broker to mount a challenge to the Levy?

should brokers in same situation band together & refuse to pay?

or just leave it with BIBA?

[davidmd]

As in not pay and risk being banned for non payment of fees like other FSA regulated firms have been ??

[DNorris]

Originally Posted by davidmd

As in not pay and risk being banned for non payment of fees like other FSA regulated firms have been ??

exactly David!! - but not in isolation