I believe the regulator should now be rationalised and advisers, consumers and providers should all get involved in regulating the market to create a regime of equitable supervision.
There are strong arguments concerning economies of scale but equally strong ones can be made against large institutions. A more pressing issue is that as a result of poor regulation and product design, some advisers have been forced out of business.
A change in the way the industry is regulated is long overdue. We’ve always had laws to deal with fraud but product design and the funding of securitisation is not advisers’ department.