No charge? Then no need to be regulated, say Labour peers

The bill, which will formally create the new twin peaks regulatory regime, is currently in its committee stage in the House of Lords, having already passed largely untouched through the House of Commons. Presented by Lord Peston and Lord Barnett, the amendment would affect applications for permission to carry on regulated activities. It says: "An application for permission must include a statement as to whether the regulated activity is charged for, and in a case of an individual who provides the financial advice without charge, no permission is required." Chris Hannant, policy dir...