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Apcims chief says clients paying for unnecessary rules

Clients are paying for unnecessary financial rule changes, says Apcims chief executive Angela Knight.

At the annual conference of the Association of Private Client Investment Managers and Stockbrokers last week in Paris, Knight said that investors were getting less choice and paying more financial regulation.

Around 400 delegates were given the chance to vote on a variety of regulatory and tax questions to gauge industry opinion.

Other speakers included FSA chairman Callum McCarthy, Treasury select committee chairman John McFall, European commission director David Wright and a convicted money launderer Humberto Aguilar.

Knight told delegates that they should make it clear to regulators that the industry did not want any more rule changes. She said: “The concern about regulation has never been so strong. We are finding that firms’ compliance costs have more than quadrupled in the last five years. It is also frequently the case that compliance officers in firms are often more experienced and knowledgeable than the supervisory teams.

“It is the investor who pays for regulation, both through paying more for financial services and through the fact that they are getting less choice. The clear messages for regulators are, no more rule changes unless there is a clear economic benefit and the FSA needs to pay attention to the training and competence of its own supervisors.”

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