This may raise eyebrows in the broking community which seems to have taken the brunt of the regulator’s focus in recent years when in fact it should have been focussing on the bigger picture.
It is a little ironic that the FSA should launch a broadside at the industry by warning that principles-based regulation will become a thing of the past and draconian scrutiny will become the order of the day.
I am sure it has nothing to do with the FSA getting caught with its trousers down regarding the regulation of banks and the collateralised debt obligations that were seemingly allowed to proliferate unchecked.
The intermediary sector has been the subject of intense scrutiny in recent years as the FSA
believed this was the area that posed the most risk of consumer detriment. How wrong can you be?
I doubt even the most rogue of brokers would scratch the surface of the havoc wreaked by banks in recent months.
But as we all know it is not the FSA that will pay the price for this oversight, it will be us as the overbearing plethora of rules- based regulation that will inevitably follow will sweep up the broker community and in its wake create a boom time for compliance again.
The message is clear – if you find yourself out of a job and need to retrain, compliance is a pretty safe bet for years to come.