Armchair Critic: An exercise in 'free' thinking

In an ideal world, a good regulator should be like a good referee - you hardly notice they are there. Since the Financial Services Act in 1986, the Financial Conduct Authority (FCA) - and before it the Financial Services Authority - has expanded its influence without at any time being either low-key or popular. It has, to be fair, achieved an entry-by-qualification advised sector and there are now far fewer places where absurd levels of commission can be had or where transparently opaque charging structures rule the day. The whole thing remains far too complicated but much of that - most...