Yes, it probably is. Previous versions of the regulator thought the same. So much easier to have fewer, bigger companies. Let the banks, for instance, have more freedom to provide advice. They’ll have their own compliance departments to keep an eye on things, they thought, so half a dozen visits would enable us to keep an eye on thousands of advisers at once. What could possibly go wrong? Think we all know the answer to that one. The answer? Don’t try to micromanage thousands of good guys. Just make sure you spot the 1-2% of bad apples.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.