MM leader: New levy is an unacceptable burden on advisers | Opinion | Money Marketing#comments#comments#comments#comments#comments#comments#comments#comments#comments#comments#comments#comments: "And so IFAs are left to carry the can for the failings of structured product providers, stockbrokers and regulators."
Mike Fenwick:
1985 - in this very paper, courtesy of Roger Anderson, I said:
"... The over-riding criteria may be your ability to adhere to a set of subjectively assessed rules, and even more significantly, your ability to absorb the running costs involved in enforcing such rules. Ignore honesty! It may be the rules and costs which prove to be your prison."
Thus it has proved to be, and the lower the number of "remaining participants in the relevant market" the higher will be their individual costs, both in regulatory fees and in funding the miscreants.
Nor is this confined to IFAs - ask any Building Society CEO (and yes, there are less of them), how they feel about bailing out the Banks.
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