No one would suggest that the financial services industry does not need good, fair and accountable regulation. Presently, it doesn't have that or anything like it. The FSA is an unbridled monster, accountable to no one. It sets it own agenda and budgets and anyone or any body who dares to stand in its way can basically go jump off a cliff or be trampled underfoot like some tiresome and inconsequential insect.
A Statutory Code of Practice For Regulators was drawn up in 2007 by the Department for Business Enterprise and Regulatory reform. The FSA ignores it totally and nobody makes the slightest effort to enforce it.
A framework has already been designed and created to rein in the worst and most brazen excesses and injustices of the FSA. All this government needs to do is put that structure into action, firstly with the FSA and then with the CPMA. No new laws, no repealing of existing ones. Just activate the framework we already have to regulate the regultor.
Why does this idea matter?
Because the FSA is strangling the life out of the financial services industry in general and out of the IFA sector in particular.