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Compliance tip: They have the statutory powers – you don’t


Often, the best compliance tips come from other people. Paul Smee, now in charge of the Council of Mortgage Lenders, once explained the art of under-standing regulation. Essentially, he said: “What you have to understand about regulators is they have the statutory powers; you don’t.”

In other words, whatever your views about the FCA – and the same is true of the Ombudsman or Parliament – that you had a hand in electing them gave them the power to regulate and make binding decisions, not you or I. 

The industry and compliance people have to work with these entities to help them exercise their very real powers in a sensible way. We all could do well to remember who has the statutory powers.

Adam Samuel is an independent compliance consultant



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