I know I risk an accusation of navel-gazing, but there are wider implications here. It’s admirable to try to bring some sort of collective voice to the many thousands of small advice firms. Trouble is, until any group has a majority (over 14,000) rather than a few hundred members, no-one will listen. Just as, when a million marched against Brexit, the pro-lobby’s shout was ‘what about the other 16m?’. And no union will be able to fight for the rights of the huge numbers of gig-economy, self-employed van drivers and bike riders on less than the minimum wage. Pass me that soapbox, please…
“Advisers fearful of further compliance and regulation”
We know, of course we know, that regulation is, or at least should be a ‘good thing’. If those who need or should seek advice can be confident that they’ll be told the right thing, that someone has looked at those ’too good to be true’ investments before they’re allowed to take your money; or, in the case of a Woodford, while they’re raking it in to make sure it’s going where it’s supposed to.
