May 21 – I am full up……..

BY IN Article On 25th May 2021

It has become common for the Chair and Chief Executive of the FCA to bemoan that the job is impossible as they regulate too many firms.  It is important to remember, they applied for the roles and how they risk allocate and prioritise is entirely down to them and the teams they appoint.  Also, the majority of firms by volume are doctors, dentists, vets, furniture or car sellers who under the consumer credit regime can do limited harm.  Indeed, a bit of spine inserted to the lenders would remove the risk almost entirely.

We continually ask for proportionality and it is this that we find they struggle with most.  The extension of SM&CR was not well thought through.  The permissions regime is overly complex and too legalistic.  Firms struggle to understand what they are being told and the Directory completion has been a mess.

My mate who sells second hand cars is FCA regulated and spends hours reading FCA bulletins and completing reports.  It has not changed the way he sells to customers one iota.  Nor does he present any real risk.  However, it gives the FCA leadership a big badge to hide behind, crying scale when the reality is they are totally blind to the big issues and risks in the markets in front of them.  A data led approach is still looking through the rear-view mirror, no matter how clever.  Real market led intelligence and on the ground supervisors may be old hat, but it worked.

Robert Sinclair
Chief Executive, AMI.

 


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