'Mad and manic' FSA rules strictest in G20-lawyer

Simon Morris, partner at London law firm CMS Cameron McKenna, says an increase in the number of enforcement cases he handles relates more to the FSA's increasingly "zero tolerance policy" to the advisory sector than poor performance. The FSA demands "immensely high and unrealistic standards" from UK advisers, and no other country in the G20 group of major economies has a comparable system, he says. Fund managers and IFAs are increasingly falling foul of FSA investigations as they struggle to comply with tightened regulations, Morris says. "What constitutes a suitable sale is whatev...