There is a little too much satisfaction at the GOC's announcement of its financial position, efficiencies and the like at the moment.
While I am as happy as anyone to see the profession's regulator awash with cash we should also remember where it all comes from. Granted, the GOC has made £250,000 worth of efficiencies and its reserves are up. The falls in fees seen in the last two years are very welcome.
But let us not forget the recent years of fee increases. In the years 2009/10 to 2010/11 the income from fees rose from £4.3m to £6.3m. The GOC has a right to be happy with its money management but fees do not appear from thin air.