In response to Garry Heath’s column on who benefits from regulation (FA, 26 March), all experienced advisers giving advice are confident that they are good enough to ensure that their clients benefit from market risks and are shielded from the usual perils.
But, there is one class of risk that none of us, individually, can do anything about, and that is government and regulatory risk – the ongoing risk of apocalyptic regulatory and government failure.
Face it, regulationism has failed. Its most recent real-life experiment collapsed in 1991 after spending 70 years consuming capital. Since that wake-up call to the interventionists they have been diligently working away to preserve their fat entitlements and power, mostly by deploying skilled propaganda and, well, lies.
It is not just financial services that is affected by this, it is the whole economy. The arbitrary interventions of always relatively entirely ignorant functionaries create chaos in the spontaneous order of liberty, markets, the rule of law and free enterprise.
Regulationism is not the cure, it is the entire problem.
Steven Farrall
Partner,
Williams Farrall Woodward,
Ipswich, Suffolk
.png?source=design-system&width=126)