Tony Lees, being a compliance person (Insurance Times 18 April) has a vested interest in regulation and, because he is employed, does not have to meet the cost, a charge against his employer's profitability. The Financial Services Authority (FSA) with its heavy cost burden and draconian regulation has always found it necessary to prove its worth. So far as I can see, it has failed to provide anybody with value for money from its £365m budget.
Once Lloyd's general insurance and mortgage activities are included, the budget may exceed £1bn annually. The Lloyd's cost
contribution, will not assist Lloyd's back into profit, only weaken it to a predator or competition. I, therefore, consider Tony Lees regulatory delight as misguided and would consider the opinion of his employee and others footing the bill as more valid.
M J Winfield
M J Winfield International Insurance & Financial Services
Wickford, Essex
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