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Can you bend the rules by being big?’

I question the validity of the regulator’s threshold conditions when hundreds of small IFAs endure significant personal inconvenience to meet the capital adequacy require-ments at all times, yet the industry’s biggest organi-sations continue to trade unabated and inadequate.

I question an enforcement system that judges its penalty on the ability of the culprit to endure it.

I am certain the FSA has its reasons for allowing firms to trade out of their position (consumer protection perhaps), when faced with extolling the virtues of compliant business to small IFAs, I question what message the regulator is presenting? That it is OK to bend the rules, if you are big enough?

Tim Grey

Compliance services manager

SimplyBiz Services

Huddersfield

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