Dear Prime Minister
I’m sure you’re getting alot of letters at the moment but I’d appreciate just a minute of your time. You see, I’ve just seen you standing at the despatch box hammering home to the opposition your party’s intent on job creation and presumably job retention. You appear to be very passionate about ‘jobs’ and if this is true I was wondering why you hadn’t bothered to respond to my earlier letter to you dated 18th August 2011 headlined “Financial Tsunami heading for the City of London”. It’s not that I mind being ignored or indeed being fobbed off after years of dedicated service to my stock exchange colleagues and clients but I would just like to hear your explanation as to why you and your party consider it necessary to force literally thousands out of financial services as a result of a piece of nonsensical doctrine called “The Retail Distribution Review”.
What is incredible about this RDR is that so many (perhaps pickled!) new age financial services personnel think that the RDR is just tickedyboo but I can assure you that the swell of a tsunami is brewing somewhere beyond the Thames Estuary. Just like the Poll Tax and the Child Support Agency it is quite clear to many experienced financial services personnel that RDR & all it stands for is going to be nothing short of a major disaster for the City of London.
The confusion surrounding Restricted and Independent advice and service is frankly just a sideshow to the real scandal whereby the FSA are trying to shift the entire investment map towards a ‘fee based’ system, wiping out in the process ‘000s of decent honest people in an orwellian examination process which is woefully misguided. Ironically it is the banks and former bankers who have entered the wealth industry who are likely to benefit the most. Perhaps this is deliberate and if so surely someone in charge can spot the dubious futility of allowing bankers another gear change; their record has not been that good to date although admittedly spectacular..
Picture this Prime Minister. If the members of the House were over-regulated, and there are many in UK hoping for something along these lines, and a doctrine was devised whereby you would have to prove to your esteemed colleagues and constituent supporters your professional and public competence so that you would be forced to go back to school, take laborious examinations and be subjected to a humiliating visit to The Job Centre then I suggest you might be as incensed as I am by the current behaviour in the City of London.
Nothing good will come from RDR and by splitting the regulator into four pieces I fear more hydra’s will evolve. Meanwhile have some sympathy for the innocent hard working people effected by this, their families and tens of thousands of clients mesmorised by this appalling arrogance. Democracy and fair play used to be a by-word of how the City used to operate. It also used to be what the old Tory party stood for.
Your once obediant servant,