Rathbones faces £3.6 million FSCS levy hit - Citywire

Rathbones faces £3.6 million FSCS levy hit - Citywire

If you were a self-regulator would you be any better or, God forbid, worse than the failed statutory regulator? By worse I mean more critical, more intrusive, more willing to push the button simply because what you see before you every day is so obviously in need of some effective supervision that you point the finger well before the regulators as we know them would be picking up the pieces, handing them to the compensation scheme, or the taxpayer, and doing the "point, fine, ban" after the event kind of regulation.

There is a concept called 'mis-selling', it isn't defined in any regulatory glossary. My definition is "compensation for loss howsoever caused", this is the system we see before us. The regulators want to educate consumers, I presumed this was to protect them from their own folly, but is it? During many years of personal research I have found that consumers are not as stupid as the regulators believe they are, I often wonder if the opposite is true!

As far as "raising standards" is concerned I can honestly say that yes there are some people who kan't spel or hold a two way conversation but they have been quite capable of passing exams in the past, no doubt they will pass the next lot, and the ones after that.

All the rules and regulations in the world are no substitute for effective supervision and a credible CPD system.

You, all of you, can make sure the next reinvention of the regulatory wheel is the final one. Some of you may not like what is possibly the most radical solution on the planet but it is simple, it would work from the ground up and it would be cheap. Unfortunately the regulatory job creation machine wouldn't like it either, too many people in well paid jobs dreaming up more and more ways to increase the burden of the 'pileometer', remember that?

Sorry about the incomprehensible rant, my simple mind has too much to think about today.