Dependency on technology at the expense of experience and instinct is dangerous
Phew, it’s hot here (see last week’s blog). Isn’t technology fantastic, allowing me to keep in touch with the office while I’m thousands of miles away? I might just see if my BlackBerry can float. It would be just my luck if it did.
We’ve not been having much luck with the yacht racing and the idea of regaining my work/life balance is definitely still in the balance.
Still the odd rum cocktail or two makes it all seem worthwhile…now what was I talking about? Technology! I think that was it. Very important on a yacht – tells you where you are and when you will get to your destination. It also lets you know what speed you are doing and what course you need to take plus a whole raft, so to speak, of other information. However, being too dependent on technology at the expense of ignoring human instinct and hard won experience can be dangerous.
At least in a yacht race we can decide where and when to tack, what sails to use, how to avoid the rocks and ride out the storms.
Three years ago the Financial Services Authority set out our regulatory course with its principles and rules. Since then we’ve had a few points on that course to navigate around for example goodwill, the commission disclosure review, ICOB revisions, new funding for the FSCS and contract certainty (the latter added during the race). Unfortunately, rather than allow us to respond to these principles the FSA seems to not only want to alter the course, but also tell us how to navigate it.
An over reliance on technology and rules is not the way forward. Perhaps one day technology will be able to provide advice and manage regulation. Who knows?
