Too little regulation exposes customers to risk, and too much of it can lead to over-dependence; but what happens if we remove the safety net of regulation? Perhaps we could create a climate of consumer-led due diligence carried out on providers.
A debate centred on the balance between proportionate regulations and reasonable costs could be encouraged if we demand providers display their prices with and without the cost of compliance. As the world of financial services becomes ever more complex, regulation will continue to play a vital role in the industry. However, the scale of regulation has outgrown the need for it, and consumers are paying the price. If we work together to update the regulatory model, we can forge an innovative and healthy financial services sector that protects consumers and drives up financial wellbeing.
As seen in FT Adviser on 19/11/2018
