Regulation for regulation's sake is the charge being laid by the Association of Private Client Inves...
Regulation for regulation's sake is the charge being laid by the Association of Private Client Investment Managers and Stockbrokers today at its annual general meeting.
Chief executive Angela Knight says that regulators currently seem intent on imposing new regulations on financial services firms without thinking through the cost burden for the firms involved or whether the regulations will actually achieve their intended objective.
The increasing regulatory costs are also coming at a time when income at many of APCIMS' members is down due to the current investment climate.
For example, Knight says, the number of compliance staff among members has increased 24% over the past year, while at the same time these same companies were trying to cut staff numbers to reduce costs in line with falling sales.
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