This, I guess, is a sign that the regulation of our business is to expand still further. And that so is its cost, paid for by us (as advisers) and so ultimately you as clients. The FCA, as rehearsed many times on these pages, is only part of that cost. There’s the Financial Services Compensation Scheme which has nine directors, the highest paid of whom earns £640k; and the Financial Ombudsman Service (eight, total pay £1.5m). Yes, it’s sad that we need them, a reflection of the number of bad eggs in the business etc. But despite 30 years of this, nothing much seems to have changed, apart from the size and number of NGOs involved. So, time for a reset? Dream on.
“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.
