I was invited by our regulator to a consultation day, where they, with, as they told us, an entirely open mind, asked our opinions on the future of regulation and the provision of financial advice to the masses. The feedback they were unanimously given was that they should spend less time telling us what paperwork we should give to our clients and more spotting and dealing with the bad guys; and that less advisers means less and more expensive advice. They wanted to hear that regulation has made us all more professional and that the internet will cater for the unadvised masses; which may well be what they will think they did hear.
“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.
