We are approaching the 20th anniversary of the Financial Services Act and I find myself reflecting on the achievements and failures of legislation and regulatory bodies to which it has delegated its powers.
Although initially sceptical, I have to admit that many of the initial aims of the Financial Services Act were admirable, had merit, and were probably long overdue in a sector that was previously unregulated. Over the last 10 years, I have become very cynical about the regulatory bodies as they have evolved (FIMBRA, LAUTRO, PIA and FSA) and my suspicions have grown with regards to the influencing factors and motivators that are driving the continuous change in regulation. Like all regulatory bodies and government departments, a lack of continuous change would lead to a lack of justifica...
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