Their failure to disclose to clients that upwards of 25 per cent of all financial services firms’ revenues, and hence the price of their services to consumers, is spent on compliance is getting tiresome.
That and the fact that it all could be done for 2.5 per cent maximum.
All the important bits for the client can be covered by membership of private professional institutions, proper trade associations and professional indemnity insurance for advisers or enforcement of the laws of contract and property rights for banks and the like and the twin and inseparable Gods of competition and cooperation. And if someone commits a crime they go to gaol.
Give the rule of law, the sanctity of private contracts, property rights and sound money the whole regulatory construct (in itself back door nationalisation) is wholly unnecessary.
It can only be sustained by the standard bureaucratic tricks like keeping the problem going.
Steven Farrall
Partner
Williams Farrall Woodward
Ipswich
Suffolk
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