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Fsa Has Spent £1.25M On Christmas Parties!

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Spent so much on parties....

The FSA spent over £100,000 on staff Christmas parties last year despite the outcry over the previous year’s figures, taking total spending to £1.25m since 2004.

Information obtained by Money Marketing, Fund Strategy’s sister publication, through a Freedom of Information request, from recently audited figures, shows the regulator has spent a total of £1,259,624 on staff Christmas parties over the last six years. This includes the £228,462 cost for staff parties held over the festive period at the height of the financial crisis in 2008.

The amount spent breaks down as £140,569 in 2004, £246,189 in 2005, £265,171 in 2006, £271,419 in 2007, £228,462 in 2008 and £107,814 in 2009.

The FSA says it cannot disclose how much it spent on staff flights and accommodation to attend Christmas parties as calculating it would cost too much. (article continues below)

.An FSA spokeswoman says: “We do not hold an organisation-wide Christmas party or encourage departmental parties but we provide a budget of £60 per head including VAT for some form of staff event during the year. It is not £60 per head regardless, it is an absolute limit. The budget can be used but does not have to be.”

Alan Lakey, a director at Adviser Alliance, says: “The FSA has a legal obligation to spend its budget in a manner consistent with its duties. This is an unacceptable use of IFAs’ money.”

http://www.fundstrategy.co.uk/markets/britain/%C2%A3125m-cost-of-fsa-xmas-parties/1023403.article

Needed a loan

The Financial Services Authority (FSA) has borrowed a total of £200 million from HSBC and Lloyds, as it falls into debt for the first time.

The FSA annual report shows that the regulator overspent in 2008/09, with net costs for the year totalling £347 million and fees raised in the year standing at £324 million. The deficit is the first time the FSA has gone into the red and, according to The Independent on Sunday, the regulator has been told by directors – headed by Lord Adair Turner – to review its cash flow.

A spokeswoman for the regulator said the loan facility with Lloyds was not new and followed on from one set up in 2007, but said the HSBC loan had been arranged in order to better spread costs over several years.

During 2006/07, the FSA said it had investigated options to improve management of the risks to its balance sheet and to fee payers.

As a result of that work, it arranged a £100 million revolving credit facility with Lloyds to fund the costs of delivering more outcomes-focused regulation, and overhauling IT and technical infrastructure. It has since arranged a further £100 million loan with HSBC.

‘Our costs have increased because we have intensified activities, through changes in supervision and increases in staff, and this affects cost,’ said an FSA spokeswoman. ‘If our costs increase, it is going to have an impact on our fees,’ she said.

http://www.citywire.co.uk/new-model-adviser/fsa-takes-loan-of-200m-as-it-falls-into-the-red-for-the-first-time/a352199

Edited by Redhat Sly

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Borrowing from the people you regulate is very close to unethical conduct.

New European code planned to stamp down on banker's pay

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8192733/Europe-set-to-link-banking-bonuses-to-basic-salaries.html

"The new code gives unprecedented power to the Financial Services Authority [FSA] over the internal reward and incentive structures of financial institutions"

ooooppppsss! FSA that is made up of ex-bankers overspending and in debt to banks supposed to clamp down on banker's pay!

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Borrowing from the people you regulate is very close to unethical conduct.

That's because they're not regulating them, they're taking payola to look the other way.

Fred Goodwin and his board were whiter than white - We know 'cause the FSA told us. :lol:

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New European code planned to stamp down on banker's pay

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8192733/Europe-set-to-link-banking-bonuses-to-basic-salaries.html

"The new code gives unprecedented power to the Financial Services Authority [FSA] over the internal reward and incentive structures of financial institutions"

ooooppppsss! FSA that is made up of ex-bankers overspending and in debt to banks supposed to clamp down on banker's pay!

Worse... a lot of the FSA staff are gormless graduates who are wet behind the ears, who eventually hope to become bankers themselves. Better not rock the boat, eh?

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tax deductable too....so the taxpayer paid for this...and MOST christmas expenses.

or rather, the government didnt collect revenues to the value of.....got it wrong way round in my head again.

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