The banning of commission on the sale of pensions and investments was not some piece of bureaucracy hoisted upon us by faceless Brussels mandarins ten years ago, but rather the brainchild of our very own regulator. Now the EU are looking to copy us and facing stiff resistance. In Europe, they don’t have a myriad of independent advice firms as we do, with the banks and big insurance companies dominating the market. They are, I would guess, a pretty strong lobby over there, whereas here, when it all happened in 2013, they were pretty much emasculated following the banking crash and bailouts and the adviser community had no unified voice of protest. Had the same thing been tried when the banks were at the height of their powers a few years earlier, I doubt it would have happened. We might still have problems but they would have been very different and perhaps more manageable. Again, be careful what you wish for.
“Top 10 FCA Fines 2022”
Here’s a Top 10 of which no one wants to be a part. Fines handed out by the FCA totalled almost £216m, all of which goes to the Treasury’s ‘Consolidated Fund’.