If regulation results in protecting a smaller number of people – because it excludes an increasing number of consumers from accessing financial advice – surely that is a failure; not least as it is the masses that are often the ones that most need access to advice allied to sensible protection.
Taking the initiative
In the UK there is an excellent opportunity at this time to make regulation far more accountable now there is a majority Conservative government, which offered the voter considerable deregulation ahead of the last election.
There is a need to ensure the election rhetoric is converted into action. While such national situations will not exist everywhere, of course, there are still opportunities elsewhere.
In Europe we have the REFIT initiative, which is the European Commission’s Regulatory Fitness and Performance Programme. This is prefaced on the fact there is a need “to make EU law simpler and to reduce regulatory costs, thus contributing to a clear, stable and predictable regulatory framework supporting growth and jobs”.
We all need to ensure we are heavily engaged with this type of opportunity, turning words into action. I would stress the need for co-ordinated action and the importance of effective representation. This can only happen if such representation is strongly supported by the advisory sector.
As a board member of two European trade bodies, FEIFA and FECIF, and also a member of the Formation Committee of Libertatem, the new UK trade association mentioned above, you might feel I am a little subjective. However, I would stress my involvement in these entities is, in major part, because I see the need for our sector to stand up for itself – and I think that is about as objective as you can be.
