Bennett says in the 12 months following the introduction of Mifid last autumn, the FSA has issued a total of 4,114 pages of regulatory information to firms, much of which he believes to be unjustifiable.
Bennett says: “We fully recognise the need to protect investors and to open up the European market. However, Mifid should have been the last word in regulation.
“Mifid has been expensive to implement, with no discernible benefits for firms or clients. It needs to be given time to bed down, yet a steady flow of regulatory initiatives from the FSA continues to buffet our industry.
“These initiatives are not required by EU legislation and come at a time when businesses should be focused on core activities.”
BDO Stoy Hayward head of regulation Fiona Raistrick says: “It is dismissive to say that Mifid should be the last word in regulation. This is not about creating regulation for the sake of it but about introducing principle-based rules that will protect both financial services firms and members of the public.
“If regulation does not evolve appropriately, then we will simply find ourselves in more of a financial mess than we are currently in.”