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Apcims warns Adair Turner against further regulation for stockbrokers

Apcims has warned future FSA chairman Adair Turner that less is more when considering regulation in the stockbroking sector.

Apcims CEO David Bennett says he welcomes Turner’s appointment and adds that he must use his role to “stem the tide of regulation” which threatens to slow down the stockbroking and wealth management industry in the UK.

Bennett says: “At this time of economic uncertainty it is critical that we remove as many barriers as possible in order to encourage savings and investment in the UK. Our membership is a key conduit to investment providing guidance for over £400bn of funds under management in Britain from offices across the country.

“Firms have had to address a continuous stream of regulatory changes and developments during 2007-2008. We are concerned that even after the implementation of Mifid there is a steady flow of FSA regulatory initiatives. Our members need a period of stability to focus resources on refining and improving their systems and controls.”

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