Yes, I remember when I bought my car at the end of 2008 I had to sit with an FSA-regulated guy rather than the original salesman, as I casually answered "no" to every question (I was paying cash for the car anyway, which I assume is a minority of deals, although perhaps not as small a minority as we might think).
Some of this can be blamed not on FSA regulations (although most of it, including anti money-laundering and "know-your-customer" rules can) but on the recent growth in compensation culture and insurers' own demands when they write liability policies.
To ensure that a professional indemnity or other liability policy is enforceable by the claimant, a general indication that certain prescribed procedures were followed is demanded by the insurers. To be on the safe side, the compliance officer and risk management officer add on a bit of slack for safe-keeping. The net effect is to waste millions of man-hours as people have to say crap and others have to listen to it, wasting time when something more productive could be done.
no subject
Some of this can be blamed not on FSA regulations (although most of it, including anti money-laundering and "know-your-customer" rules can) but on the recent growth in compensation culture and insurers' own demands when they write liability policies.
To ensure that a professional indemnity or other liability policy is enforceable by the claimant, a general indication that certain prescribed procedures were followed is demanded by the insurers. To be on the safe side, the compliance officer and risk management officer add on a bit of slack for safe-keeping. The net effect is to waste millions of man-hours as people have to say crap and others have to listen to it, wasting time when something more productive could be done.
PJ
PJ