Honest way to 勝利，勝つ 支援する 信用

By Anthony Hilton for MailOnline
Updated: 12:29 BST, 11 March 2005

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THE 協会 of British 保険会社s 明かすd a five-point 計画（する） this week to help 回復する 信用／信任 in Britain's 貯金 産業. It 約束d 支えるd 改良s in 基準s of service, clarity of communication and a serious 成果／努力 to listen to （民事の）告訴s and 演説（する）／住所 th e 問題／発行するs of 産業 structure - such as （売買）手数料，委託（する）／委員会／権限s - which give rise to so many 関心s about 衝突 of 利益／興味.

All the things, in fact, that any self-尊敬（する）・点ing 顧客-焦点（を合わせる）d 産業 would have been doing for years but which have too rarely been on the 協議事項 in 財政上の services.

'Our 顧客s must have 信用／信任 that the 産業 which helps them save is 信頼できる, efficient and professional,' said Richard Harvey, who is 長，指導者 (n)役員／(a)執行力のある of Norwich Union group Aviva 同様に as ABI 大統領，／社長.

I'm not sure he is やめる 権利 on that last bit. Certainly 顧客s need 安心 that their 産業 is efficient and professional, or at least 努力する／競うing to be - but should they really look to 信用 it?

Surely so many of the problems of the past 20 years arose because 顧客s 信用d their 財政上の 助言者s and companies too much. Had they been more 懐疑的な, they would not have been caught out in such numbers.

And is it 権利 to ask the public to put its 信用 支援する into 財政上の services when so many of the incentives in the City encourage people to put their own 利益／興味s before those of the （弁護士の）依頼人?

Why should 顧客s 信用 a 基金 経営者／支配人 who buys CDOs - 一括s of company 負債 he barely understands - to shore up Aunt Agatha's annuity? Why should they 信用 an 産業 that tells people in their twenties they should be saving for a 年金 when, if they are going to save at all at that age, they need a much more 柔軟な 製品 - one they can 下落する into when they are in their thirties, married with two kids and flat broke?

Why should they 信用 an 産業 that fails to （一定の）期間 out candidly that as long as インフレーション and 利益／興味 率s stay low, 告発（する），告訴（する）／料金s, 取引，協定ing costs and 税金 will eat up most of the return they could reasonably 推定する／予想する from buying 株?

It is not mindless 信用 that is 要求するd but a 新たにするd understanding of caveat emptor - 買い手 beware. We do not have to 信用 a 供給者 before we buy. No one 信用s a second-手渡す ca r salesman or an 広い地所 スパイ／執行官 but people still buy second-手渡す cars and houses. 普通は they know they are not 十分に 専門家 themselves and are willing to 支払う／賃金 for a second opinion from an 独立した・無所属 専門家 like the AA or a surveyor and valuer.

What we need in 財政上の services is a person who would look at what a （売買）手数料，委託（する）／委員会／権限-driven 独立した・無所属 財政上の 助言者 was recommending and give us an honest second opinion for a small 料金. If the ABI wants to 回復する 信用, perhaps it should 基金 such a service. That would give its members a real incentive to start putting the 顧客 first.

冷静な／正味の on the 支配する

JUST in time for （ドイツなどの）首相／（大学の）学長 Gordon Brown's 予算 next week, consultancy 資本／首都 経済的なs has produced a paper to remind us not to spend too much time worrying about whether or not he has met his 会計の 支配するs - on the grounds that they are pretty irrelevant to what is really happening in the economy and whether or not there is a ぼんやり現れるing 会計の 危機 behind the 人物／姿／数字s.

Next Wednesday, the （ドイツなどの）首相／（大学の）学長 will probably 強調する／ストレス how 政府 borrowing in this country is 井戸／弁護士席 below his self-課すd 天井 of 国民所得, which by 関わりあい／含蓄 makes us much more sound and 慎重な than all manner of profligate 大陸のs who toil under much higher 負債-to-GDP 割合s. But this paper 示唆するs that a lot of what could be counted as 負債 never makes it into our 人物／姿／数字s.

政府 borrowing as defined by the （ドイツなどの）首相／（大学の）学長 takes no account of all the 保証（人）s that have been given to 私的な 財政／金融 率先 事業／計画（する）s nor of the billions 存在 borrowed in the 社債 markets by 網状組織 Rail to 財政／金融 modernisation of the 鉄道s.

Those items alone, even 扱う／治療するing them conservatively, probably 量 to £60bn, which is enough to 押し進める the 人物／姿／数字s 権利 up against the 天井. And that is before 追加するing anything for the accrued 義務／負債s of unfunded 年金s of public 部門 労働者s. These were recently 概算の 個人として at £700bn - or 60% of GDP and therefore one-and-a-half times all the 負債 so far 蓄積するd over the 300 years since the Bank of England was 設立するd.

Sums of this magnitude 圧倒する the public 財政／金融s. So don't get too excited over whether or not Brown has kept within his golden 支配する.

? Anthony Hilton is the Evening 基準 財政上の Editor