Dwarf tossing on Wall St, work experience at the FSA and an unfortunate pensioner. It's IFAonline's slightly leftfield round-up of the week.
McDonalds launches degree
It's just a guess, but IFAonline does not expect Mark Hoban to bring this up at Monday's RDR debate in the House of Commons.
Pensioner loses £80,000
An unnamed pensioner who did not trust banks withdrew his entire £80,000 savings and kept it as cash. That is until he left the money in plastic bags on the top of his car, and drove off. Bags found. Money gone. Police appealing. This is a true story.
The good times return to Wall St
There are two main ways to tell if Wall St is in a healthy state again? One is to monitor the Dow Jones. The other is to count the number of traders hiring dwarves, picking them up and throwing them as far as they can.
Quote of the week
Hector Sants: "We have deemed the percentage of IFAs exiting, which varies from 11% to the figure you quote of 30%, as acceptable, which is why we have continued with the RDR." Advisers did not like this.
Movers and Shakers
Dan Waters is to step down from his role as director of conduct risk and asset management at the FSA.
Stephen Young has quit from his role as chief operating officer at Sesame Bankhall Group.
And finally...work experience at the FSA
Is the FSA 'bad'? Well, not in the eyes of everyone it would seem. The City regulator was given a spectacular report card by one student it took on for work experience.
The youngster listened to presentations on what the FSA has to offer as a career, interacted in case studies and skills exercises, and networked with employees.
"Appears to offer a well-rounded career that involves a good social side and a lot of opportunities to progress within the company," the student wrote, giving feedback on his placement.
The FSA's Canary Wharf home was rated eight out of ten for atmosphere, with the student declaring: "Positive atmosphere. [FSA staff were] open to questions and explained things clearly."
The unnamed individual could find "no faults" with the organisation, except that, at the day-end drinks bash, not a single FSA employee turned up.
However, ending on a bit of a sour note, the work experience chap said he could not list a single ‘perk' of the placement, but still rated the experience as eight out of ten overall.
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