Rogue firms may flourish on 'principles'

However, the move to this style of regulation does throw up some issues that must be confronted. I believe the move to erode clearly defined rules in favour of a reliance on principles based regulation, risks encouraging rogue businesses while simultaneously penalising those firms that genuinely try to treat their customers fairly. There will be some unscrupulous players, probably smaller operations, which will seek to take advantage of the lack of specific rules. These companies will be small enough to creep under the Regulator’s radar with the ability to change their processes quickly ...