Regulation of FTO sales tactics
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Regulation of FTO sales tactics
In most industries where there is a large investment on a salesperson’s promise, involving securities etc, there is some form of regulation...
Yet an FTO can sell you a course, take a bond from you and dump you on the market 15 months later with a ticking clock of a license with impunity.
I was recently in my bank in Windsor and happened to overhear a young woman asking about loans for flight training; a quick chat later I gleamed she was on an offer from CTC, thought Oxford was the best and didn't like to read pprune as its too negative, didn't know about CTC/Easy's large hold pool etc....
These are the same people who are now protected from being miss-sold PPI, Endowments, mortgages, pensions, insurance (life and other) etc etc.
Should we now add flight training?!?
iX
Yet an FTO can sell you a course, take a bond from you and dump you on the market 15 months later with a ticking clock of a license with impunity.
I was recently in my bank in Windsor and happened to overhear a young woman asking about loans for flight training; a quick chat later I gleamed she was on an offer from CTC, thought Oxford was the best and didn't like to read pprune as its too negative, didn't know about CTC/Easy's large hold pool etc....
These are the same people who are now protected from being miss-sold PPI, Endowments, mortgages, pensions, insurance (life and other) etc etc.
Should we now add flight training?!?
iX
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In most industries where there is a large investment on a salesperson’s promise, involving securities etc, there is some form of regulation...
However, you are right - the lack of information available to people is disturbing, particularly disturbing are those who do not bother to read alternative views. Whatever the regulations, they will not safeguard against those people losing their shirts.
What meaningful regulation there might be is in application of available consumer protection laws, many of which I believe are regularly flouted - few are willing to pursue FTOs when they have to invest time and expense in finding a job.
In short, not to say that it is impossible, but rather I am not sure how matters could be any different from at present...
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To be fair to Oxford, they have written on their website these things:
Regarding British Airways
Regarding Netjets
Regarding Thomas Cook
and Regarding Flybe
.
Of course, Flybe's scheme is currently closed so is Netjets and BA and Thomas Cook have very little information available.
All the information is there, you just have to look.
Of course the average integrated wannabe is only interested in getting 2 gold stripes on his or her uniform jacket and cannot or will not see the full picture.
I cannot believe I am sticking up for Oxford!!! I must be ill
Regarding British Airways
BA’s standards are naturally high, and only those with a first-class training performance are likely to be selected.
Prior to commencement of training, students who pass a joint OAA/NetJets selection process will be offered conditional employment by NetJets Europe subject to their achieving and maintaining satisfactory standards as they progress through their OAA training.
Of course, they will be available only to well selected students. Entry standards are high and competition for places is steep.
Any offer of employment, which is not guaranteed prior to training, will be conditional on their achieving and maintaining satisfactory standards as they progress through OAT and type training.
Of course, Flybe's scheme is currently closed so is Netjets and BA and Thomas Cook have very little information available.
All the information is there, you just have to look.
Of course the average integrated wannabe is only interested in getting 2 gold stripes on his or her uniform jacket and cannot or will not see the full picture.
I cannot believe I am sticking up for Oxford!!! I must be ill
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If they are selling you a product or service such as flight training, and they provide that product or service then they have fulfilled the contract. Whatever happens afterwards or whatever your perception of what happens afterwards is unlikely to form part of that contract.
Anybody selling or marketing uses spin, hype and embellishment to promote their wares. It is not up to the seller to discriminate the naive, dreamers or just plain lazy. As always it is a case of caveat emptor. As long as they provide what they are actually contracting to provide there is little opportunity for redress later.
Words such as "from", "can", and "dream" are often read as "exactly", "will" and "reality". It doesn't matter whether you are spending £100,000 on flight training or a luxury car. The marketing will be designed to encouraged you to part with your money, and those seeking that money will compete for your custom. The car however, might have some residual value if after purchasing it, you later change your mind.
With training, including flight training, you are not buying into someone elses investment product. You have decided in your own mind that this training will be an "investment" and purchased a product or service to satisfy your own interpretation. You might decide the luxury car will be an "investment" in your own perception, and certainly the marketing will encourage you to believe that.
You too could can become an airline pilot. (Or a lawyer, plumber, fireman, we said "could" not will)
Airlines are hiring now. (somewhere, but not necessarily inexperienced pilots.)
Take the first step to becoming an airline pilot. (All pilots started with flight training.)
This could be you next year. (It "could", but probably won't)
For those who have dreamed of a career in aviation. (If you have nightmares about it, or are indifferent then this proably won't appeal to you)
"Thousands of pilots needed in the next 5 years" (Spot the quotation marks? This came from an article printed in a magazine somewhere the year before last)
Etc.
Anybody selling or marketing uses spin, hype and embellishment to promote their wares. It is not up to the seller to discriminate the naive, dreamers or just plain lazy. As always it is a case of caveat emptor. As long as they provide what they are actually contracting to provide there is little opportunity for redress later.
Words such as "from", "can", and "dream" are often read as "exactly", "will" and "reality". It doesn't matter whether you are spending £100,000 on flight training or a luxury car. The marketing will be designed to encouraged you to part with your money, and those seeking that money will compete for your custom. The car however, might have some residual value if after purchasing it, you later change your mind.
With training, including flight training, you are not buying into someone elses investment product. You have decided in your own mind that this training will be an "investment" and purchased a product or service to satisfy your own interpretation. You might decide the luxury car will be an "investment" in your own perception, and certainly the marketing will encourage you to believe that.
You too could can become an airline pilot. (Or a lawyer, plumber, fireman, we said "could" not will)
Airlines are hiring now. (somewhere, but not necessarily inexperienced pilots.)
Take the first step to becoming an airline pilot. (All pilots started with flight training.)
This could be you next year. (It "could", but probably won't)
For those who have dreamed of a career in aviation. (If you have nightmares about it, or are indifferent then this proably won't appeal to you)
"Thousands of pilots needed in the next 5 years" (Spot the quotation marks? This came from an article printed in a magazine somewhere the year before last)
Etc.
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I started this post as a post to the growing evidence blah blah thread but then my dotto train of thought took a wrong turn...
Anyway, I found it surprising that someone who appears to have some smarts (managed to pass CTC's hoops) and sounded intelligent (could string a flowing sentence together) would be avoiding sources of info on the basis that they were negative.
This is very similar to this:
Mr & Mrs US home buyer pick a discount rate mortgage a few years back as it made the repayments easier, then they complain when the discount expires and the repayments are too high.... unlike the UK, most US loans are fixed rate, so the higher repayments on the horizon were not exactly unexpected! They chose to avoid the negative thought process in the loan selection!
iX
Anyway, I found it surprising that someone who appears to have some smarts (managed to pass CTC's hoops) and sounded intelligent (could string a flowing sentence together) would be avoiding sources of info on the basis that they were negative.
This is very similar to this:
Mr & Mrs US home buyer pick a discount rate mortgage a few years back as it made the repayments easier, then they complain when the discount expires and the repayments are too high.... unlike the UK, most US loans are fixed rate, so the higher repayments on the horizon were not exactly unexpected! They chose to avoid the negative thought process in the loan selection!
iX
What meaningful regulation there might be is in application of available consumer protection laws, many of which I believe are regularly flouted
