February 18, 2009

Sixties fashion chain BIBA has professed itself alarmed by new proposals from the Food Standards Agency the independent UK government department set up to protect the public’s health and consumer interests in relation to food.

The worlds of food and fashion rarely collide, so Bankstone News decided to find out more! It seems it’s all to do with the FSA’s intriguingly titled Consultation Paper CP09/7.

BIBA’s Eric Gallbreath begins diplomatically: “Whilst we appreciate that the FSA has an ever-growing workload and that the fees for 10,000 small firms have been frozen” before suddenly erupting into righteous fury: “we are alarmed that medium and larger insurance intermediary firms are facing a year on year increase on their regulatory fees and levies of between 30 to 70%.”

With under-collar temperatures now rising to dangerous levels, he rages on: “Insurance intermediaries are recognised as one of the very lowest risk groups to the regulator’s statutory objectives and yet are facing huge percentage year on year increases for the levies they pay to both the Financial Ombudsman Service and the Financial Services Compensation Scheme.” No mention of food or frocks yet ‚ all very puzzling.

Apparently worn out from the violent exertion of this outburst, Gallbreath lapses into sulkiness: “This is patently unfair and puts insurance intermediaries in the UK at a significant competitive disadvantage to their peers elsewhere in Europe. These fee and levy proposals add a significant burden at a very difficult time in the economic cycle and we want to see the FSA give a much more detailed justification for these increases.”

Bankstone News has absolutely no idea what any of this means.



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