Job titles were a feature of the brilliant ‘W1A’, a toe-curlingly close, according to insiders, satire on the workings of the BBC. The included ‘Head of Values, Director of Better and Director of Purpose. That the FCA has a ‘Director of Transformation’ does make it sound rather more like the Ministry of Magic than a regulator determined to root out financial malpractice and keep the banks in check. That it needs transforming is both worrying and, based on my almost weekly calls to them about one thing or another, accurate. Unlike the NHS and others, however, its shortcomings most certainly cannot be blamed on underfunding.
“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.
