Is the decision to delay the individual registration of brokers meant to be for the public’s benefit or just for the banks’ and FSA’s?
The bottom line is that both will probably be unable to deal with all the paperwork that the additional regulation will require.
It’s strange that the FSA can put huge amounts of time and resource into hounding small IFAs who create little client detriment out of the industry through the Retail Distribution Review.
Yet it can’t afford the resource to sort out the banks, that create the largest source of client detriment, claims and financial enforcement fines, and brokers who increasingly are being found wanting in the advice process.
Rather than concern for the public’s well-being, the FSA seems more interested in saving face and finishing what it has started, no matter how wrong and ill-conceived, and is neglecting issues that cause the public harm.
But then again, where did this recession start? With the banks and a regulator not doing what it should.
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