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Small Countries Financial Management Centre (SCFMC)

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From Manx Radio:

Stood down deesmter now a director of the registered charity Small Countries Financial Management Centre (SCFMC)

From the SCFMC website:

Quote

The SCFMC's purpose is to contribute to the growth and prosperity of small countries through capacity building in the government financial sector.

The SCFMC achieves this through the provision of targeted executive education programmes conducted by practitioners and academics to provide improved skills, deeper understanding and best practice around financial regulation, risk management, and broader management of government financial activities.

The Centre was established through a generous financial commitment from the government of the Isle of Man.

 

This thing seems to have been set up at a time when the Isle of Man was doing 'the helicopter' about how much money it had and how wonderful it was to have all those extra £100s million pouring in each year. (That Common Purse fuck-up was a true magic money tree if ever there was one)

To be fair, a lot of the bonanza is still inevitably slushing about on the Island and if no one at home is interested in telling you how wonderful and rich and wealthy you are then why not bring people from around the world to show off how wonderful you is.

The next shindig is end of June. Anyone here going? It's in the name of charity.

Edited by gettafa

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CoMin loves to chuck taxpayers money at stuff
 

(apart from those on low incomes)

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In a post Brexit era, the Isle of Man needs to develop its international perspective; both in terms of outlook, opportunities and benchmarking. Maybe the SCFMC could help achieve that? (depending on its mandate).

I have been to a couple of the receptions as a guest and whilst I can understand why some may see it as a shindig, I never viewed it as such. 

I’ve had conversations about pharmaceutical vigilance, regulation-as-a-service and blockchain opportunities. All in the context of how the Island could collaborate with another country. 

Many of these ‘small’ countries are far larger than the Isle of Man and many of the attendees are senior (head of banks/regulators), well connected and well respected.

Personally, I’d be using this type of initiative to both identify and develop international opportunities. International perspective and collaboration are the way forward, not believing the Island is the centre of the universe or comparing us to the Wirral or Jersey.

In the current economic times, I do agree that any investment or initiative has to be weighed up against its actual or potential ROI. I just feel, if played right, this type of thing could show promise. 

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Do they make policy recommendations to TYnwald?

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3 hours ago, gettafa said:

From Manx Radio:

Stood down deesmter now a director of the registered charity Small Countries Financial Management Centre (SCFMC)

From the SCFMC website:

This thing seems to have been set up at a time when the Isle of Man was doing 'the helicopter' about how much money it had and how wonderful it was to have all those extra £100s million pouring in each year. (That Common Purse fuck-up was a true magic money tree if ever there was one)

To be fair, a lot of the bonanza is still inevitably slushing about on the Island and if no one at home is interested in telling you how wonderful and rich and wealthy you are then why not bring people from around the world to show off how wonderful you is.

The next shindig is end of June. Anyone here going? It's in the name of charity.

Don’t know whether to laugh or cry. Let’s be honest, I’m sure the now ‘ EX  DEEMSTER’ will be remunerated handsomely for his time. Perhaps I’ve got the perception wrong and he is really a nice and lovely chap who does lots of pro-bonio work especially for ‘charidee’ and Government quango roles. 

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3 hours ago, thesultanofsheight said:

Isnt the ex head of treasury on that too? 

Yes. It is he who is quoted in the article.

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58 minutes ago, 2112 said:

Don’t know whether to laugh or cry. Let’s be honest, I’m sure the now ‘ EX  DEEMSTER’ will be remunerated handsomely for his time. Perhaps I’ve got the perception wrong and he is really a nice and lovely chap who does lots of pro-bonio work especially for ‘charidee’ and Government quango roles. 

There's plenty of pay-off in ego, by the bucket load, and a trip and another chance at a speech at that there Oxford University.

(Oh, and I would suggest that yes, your perhaps perception is 180° s out.)

Edited by gettafa

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You have a fairly cynical view - however, one that I can understand.

I don't profess to know the full details in this instance, but I do know of many people who have lectured or spoken for free at SCFMC, and several firms who have donated time/services at no charge.

Maslow recognised that everyone has different drivers; in this case - it could be ego, self-worth, money, helping or improving the Island, or that warm-fuzzy feeling you get from assisting others and sharing knowledge.

With a wider focus but still related, there are many other groups/bodies; COC, MICTA, AML/CFT Advisory Group, CodeClub, LoveTech, EGSAB, IOMBA, ACSP,  IOMBN, Aerospace Cluster,  DFE Agencies, etc. Granted, these are not all the same as SCFMC per se, but everyone involved will have a different motivation or focus.

It is easy to hypothesise that people are only there for ego or money. I don't subscribe to that.

From my own experience, having been involved in one or many of the above, the majority of people who participate are there for genuinely well-intentioned reasons. Those reasons will vary; to carve out the Island's future, benefit the youth, advise government, benefit industry or safeguard the Island's position. I am sure there is a good dose of ego, narcissism and anticipated-personal gain within there - but thats human psychology for you. They may not always get it right, nor may you agree with what they do or say.

In my own rose-tinted view, based on my current experience, there is a considerable amount of time invested by people, many of whom are personally accomplished, well healed, financially secure or leaders in their respective fields. They donate their time and expertise...to help the Island. I cannot vouch for everyone, but the amount of people who donate time to industry groups, charities, not-for-proft organisations and agencies - is an admirable attribute of the Isle of Man.

 

 

 

 

 

 

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Nice post joey. Thanks for easing my cynicism a little. I have little reason to doubt your integrity and noble intentions.

I cannot say the same for our David though.

 

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Nor would I dare speak for everyone and I don't know the details of this specific example.

My default position is often pessamism and cynacism, but the Island has a truck load of that already. I think Manx Crab is an oft inherited trait and a popular past-time. Unfortunately, too much of that will be the downfall of the Island. Solutions are rarely forthcoming.  It reminds me of the book Who Moved My Cheese?

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I wouldn't be surprised if he were doing it gratis

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1 hour ago, joeyconcrete said:

With a wider focus but still related, there are many other groups/bodies; COC, MICTA, AML/CFT Advisory Group, CodeClub, LoveTech, EGSAB, IOMBA, ACSP,  IOMBN, Aerospace Cluster,  DFE Agencies, etc. Granted, these are not all the same as SCFMC per se, but everyone involved will have a different motivation or focus

In my own rose-tinted view, based on my current experience, there is a considerable amount of time invested by people, many of whom are personally accomplished, well healed, financially secure or leaders in their respective fields. They donate their time and expertise...to help the Island. I cannot vouch for everyone, but the amount of people who donate time to industry groups, charities, not-for-proft organisations and agencies - is an admirable attribute of the Isle of Man.

Very well said Joe, can also include Isle of Man Maritime on that list!

See maritime.im 

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23 hours ago, joeyconcrete said:

 In my own rose-tinted view, based on my current experience, there is a considerable amount of time invested by people, many of whom are personally accomplished, well healed, financially secure or leaders in their respective fields. They donate their time and expertise...to help the Island. I cannot vouch for everyone, but the amount of people who donate time to industry groups, charities, not-for-proft organisations and agencies - is an admirable attribute of the Isle of Man.

 

Yes. Very well said. People help with their expertise on all kinds of things, donating funds and giving up their time often in the evenings and at weekends. I would add to your list helping with sports, music, crafts, activity groups, etc, particularly for youngsters getting their interests at an early age and it goes on across the Island. People pitch in just to do good in my experience and, far from wanting payment or kudos, very often they ask for the exact opposite. No publicity.

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On 2/3/2019 at 6:42 PM, joeyconcrete said:

You have a fairly cynical view - however, one that I can understand.

I don't profess to know the full details in this instance, but I do know of many people who have lectured or spoken for free at SCFMC, and several firms who have donated time/services at no charge.

Very possibly, but a look at the latest accounts (2017-18) shows £93,052 for teaching expenses, so clearly someone is getting paid for their participation.  There is also £52,596 for salary costs, so clearly one yearly two-week course for (up to) 24 people takes a lot of organising.

There clearly are some things that are donated in kind as well (there's no office or lecture space rental costs for instance), but nearly all the income is from a round £300,000 in donations - whether this is all from the Manx government or whether other sponsoring institutions, such as the World Bank, make a contribution, I don't know.  Some of the teaching expenses will be for a 'pre-pack' three-day negotiation course at Oxford, but the full list of teaching staff contains both Oxford academics and ... some more familiar names:

Quote

Academic Director - Alison McQuater, Saïd Business School, University of Oxford

Programme Diector - Paul Fisher, Saïd Business School, University of Oxford

John Aspden MBE, Chairman of the Group of International Finance Centre Supervisors and former Chief Executive of the Isle of Man Financial Supervision Commission

Kathryn Bishop, Saïd Business School, University of Oxford

Tim Cullen MBE, Saïd Business School, University of Oxford

Michael Gates, Saïd Business School, University of Oxford

Nicola Guffogg, Assessor of Income Tax, Treasury, Isle of Man

Phyllida Hancock, Olivier Mythodrama

Dr. Rory Macleod, Managing Director, Objective Analysis, Oxford

Richard Pratt, Richard Pratt & Partners, London

David Trevaskis, Managing Director, Acting for Change

 

Panel members for discussion of the Isle of Man's Economic Journey 

Allan Bell CBE, former Chief Minister

Mark Shimmin MBE, former Chief Financial Officer, The Treasury, Isle of Man

John Webster, former Government Chief Economist, Chairman Manx Technology Group

John Spellman, former Director of Financial Services, Department of Economic Development

 

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