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When will the penny drop on reg costs?

Comment related to last week’s online editor’s view: Old habits die hard: The RDR spin continues

It is quite normal for politicians to dress up failure as success and present a topsy-turvy view of reality.

Regulators are politicians – some nascent others refugees from larger profit-making organisations where they have been found out.

The RDR, which was apparently written in stone by 2010 is now seen to be a malleable beast that will adjust over time according to the theorist in charge at that moment.

At what point will the penny drop at Westminster? When will it be seen that the deluge of regulation, avalanche of micro-management and box-ticking does little other than waste time and energy that would better be spent assisting clients?

With all the wrongs and evils that exist in financial services it seems that the regulator is fixated on removing the ability to advise whilst at the same time maximising the ability of opportunists and fraudsters to gain at our expense.

Alan Lakey 


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  1. The problem, Alan, is that the regulators are both omnipotent and unaccountable, about which the TSAC has so far been able to do nothing, despite Andrew Tyrie’s declaration almost exactly two years ago that the Committee would be investigating these very issues.

    Other than the expulsion from the FSA of Sheila Nicoll in the wake of her smirking insolence before the TSC when she appeared before it alongside Hector Sants back in March 2011, what’s become of that? Nothing that I can see. The FSA Mk.II seems so far to be worse than ever.

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