RE: General Election being called tonight27 May 2024 20:00
Trickymatters
You obviously know nothing about the FCA, how many courses have you done, I had to do so many and also pass (if not I was out of a job) these useless courses I have lost count. If you have had to deal with the regulations you may have some idea what you are talking about. They are a bunch of jobsworthy box tickers, this is a view taken by many in the industry, they enforce very little, hardly anyone gets prosecuted. Take a look at the USA SEC and FINRA which is far more effective especially with insider dealing. OFAC is far more effective for money laundering, which was the system used at the Bank I worked for and the system where I also had dealing. Why do think so many companies, individuals and even charities are be de-banked, not because they laundered money but because a transaction trigged some strange rule and it costs too much money to do the investigations, spend some time on research.
In my personal life I have had to move from a broker (pulling out of UK due to ridiculous regulations) and had to move 2 accounts of companies I own from an asset manger because of change of regulations which cost me a lot of money and a lot of time. I had a good relationship with the asset manager for many years (still have), they mostly handled my accounts on a discretionary basis but with some intervention from myself to maximise tax efficacy. Change of regs and they cannot handle my accounts in a way that worked well for both of us for years. They were very good and allowed me to leave without exit charges as they saw how unfair these change of rules are. This asset manager used to deal with clients who had a few hundred thousand pounds, but after speaking with them they are not now interested in any clients with less than £2 million because of the increase in FCA regulations and therefore costs. Another great win for the FCA small investors now blocked from good quality investment services because of the FCA.