When does too much state intervention and financial back-stopping simply become an unbearable cost to what is still a private financial services sector?
These questions and more keep coming up in conversations I have with leading figures from the advisory and wealth space. Over the past few months, discussions have been dominated by the onerous nature of our current FCA inspired regulatory and compliance regime. Talking to one boss at a leading wealth house, it emerged FCA officials have been not only inspecting how they treat their customers, but they are also, in effect, vetting business plans and trying to kick holes in a new business product and strategy “because they want to make sure the product is viable at that cost point”. If...
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