As N2 gets ever closer, practitioners are regaled by offers from the compliance industry.
I would have thought that there is very good case to be made for the regulator itself to regulate those seeking to make a “fast buck” on their back.
The FSA's failure to recognise individual groups such as IFAs with regard to compliance requirements in the handbook has spawned numerous courses and publications to cater for this deficiency.
On the face of it this is a valued service offering précis and relevant information to IFAs (and other groups) and distilling out the details we do not need.
That being said, many of these organisations seem to be trading on the fear and worry of practitioners and either charging exorbitant amounts for unseen, untried, untested or indeed approved courses and products.
On the other hand, collecting money well in advance of publication, again on information that may or may not be of value.
As the FSA is unwilling to differentiate between regulated groups, these compliance consultants do fulfil a need which ought to be encouraged by the regulator.
That being the case, one would expect the regulator to monitor and even endorse suitable work.
This would be to the benefit of the regulator and the regulated and would have the additional advantage of excluding the less reputable.
Norwest Consultants, Stanmore, Middlesex