Thursday, October 12, 2006

Absent Minded Anstee

The ICAEW has announced that new group will be formed to support over 8,000 of its members who work, or have an interest, in the public sector.

Seemingly the ICAEW will pay CIPFA to provide these services. Eric Anstee is quoted by Accountancy Age as bemoaning the fact that if the merger had gone ahead:

"we would have kept the qualification separate and made cost savings".

In other words, he is blaming the failed merger for the costs of this project.

The trouble with this argument, is that it conveniently ignores the £1.42M of our money that the ICAEW bunker wasted on the failed merger attempt.

Funny he forgot that!


  1. The £1.4mm marketing costs would easily have been negated with:

    1) the sale of CIPFA's outright ownership of it's freehold properties.
    2) appropriation of CIPFA's consultancy services income.

    in the event of a successful merger.

  2. So what you are saying is that the merger was in fact a good old fashioned "smash and grab" raid on the assets of CIPFA?

    Presumably, in part, to prop up the failing ICAEW pension fund.

  3. "Smash and grab" was the view of many who posted comments on this site a year ago.