Which 5 Policies Should Be The Power 2010 Pledge?

Vote now for which 5 policies that will form the Power 2010 Pledge.

I voted for:

1. a fully elected upper house;

2. fixed term Parliament;

3. proportional voting, not first past the post;

4. hold elections on the weekends, not Thursdays;

5. caps on political donations;

6. MPs to control the Parliamentary timetable, not the government;

7. the right to vote to recall your MP if he/she is doing a poor job;

8. a ban for a reasonable period of time on MPs taking a job directly related to their work in Parliament;

9. reduce the use of statutory instruments to avoid Parliamentary debate;

10. more 'free votes' in the Commons, rather than voting along party lines;

11. stronger Parliamentary select committees to scrutinise government activity (or lack of it);

12. public consultation should involve a deliberative step involving members of the public;

13. local mayors elected by local residents, not councillors;

14. scrap the ID card programme.

Serious Reading

I recently embarrassed myself hugely while reading Three Men in a Boat, Jerome K. Jerome's 1889 account of a trip up the Thames, on that other river of humanity, the Tube. I had the singular misfortune to stumble upon Herr Slossen Boschen's "comic song" during the morning commute, obliging me to hide my face in my hands until each laughing fit passed. A dozen times I tried to get it together, but a single glance at the stony faced commuters opposite was all it took to render me helpless. One should exercise caution while reading this novel at lectures, conferences, in court rooms and in the Houses of Parliament.

I've since ordered Idle Thoughts of an Idle Fellow, which I shall mostly be reading at home.

Improve Financial Capability - Simplify Products

The FSA says, "Financial Capability is about being able to manage money; keeping track of your finances; planning ahead; choosing financial products; and staying informed about financial matters."

The implication is that financial services don't have to change - you do. And the FSA provides a dazzling array of data to bamboozle you along the change curve.

This approach is doomed. Adult learning research has emphasised that the older you are, the less likely you are to learn. Of the 20-24 age group, 61% say they are learning now or have been recently. For the 55-64s, that statistic is 31%, and for the 65-74s, it is 18%. We have an ageing population and a ballooning pensions deficit.

So financial services must change, not you. Products must become simpler and cheaper, and it must be really easy for investors to develop fully diversified portfolios that produce sustainable returns.

Why can't I put suitable financial services in a shopping cart, like I can buy other stuff?

To make financial services simpler and more consumable for more people, providers and intermediaries must do much more to make it easy to find, compare, choose and buy products that contribute towards sustainable returns for the investor rather than scandalous profits for the provider. I'm not talking about the price comparison sites that simply list the same old stuff, by product type, by price. I'm talking about far more automated services that make the detail available to those who want it, but simply deliver diversification without the average person needing to understand more than the concept of not putting "all your eggs in one basket".

To support this, the clear objective of the financial regulatory regime should also be to deliver simple, low cost financial products that are accessible to us all. Currently, regulation funnels investment opportunities and funds into a zone in which relatively few firms are permitted to operate, enabling them to charge excessive fees and related compensation. In other words, regulation designed to protect the consumer is actually underwriting "fat banking". But what we need is a regime that fosters the growth of low cost 'facilitators' such as those who've allowed us to unbundle flights and hotels, music tracks and other one-size-fits-all products to create our own personalised, lower cost alternatives.

Training Tips

I spent much of the Christmas holidays digesting Joe Friel's The Triathlete's Training Bible, now in its third edition.

Having plodded my way through various multisport events since 2005 with only sporadic assistance from search engines, I've found myself at a bit of a performance plateau. So I figured I need to get more scientific if I'm to wring any more improvements out of my limited schedule. Although daunting in size, I've found Joe's bible has the right balance of science and practical tips to confidently tweak the training plan. He does a thorough job of explaining the latest research into physiology and diet, and recommending different workouts that contribute endurance, strength and/or speed depending on your needs (all of the above). Hell, just reading about training is a morale boost in itself.

Already I can report an increase in velocity, although times may have been wind-assisted by brussel sprouts.

The Great Aussie Firewall - The Game

The Guardian reports on the latest response to the Australian government's efforts to control the internet.