The report outlines AIFA’s view of the current macro influences at play within financial services, and the potential impact on the regulatory structure that IFAs work within.
AIFA wants to engage and consult members, and other interested parties, on the future of financial regulation in the UK.
The report summarises the recent proposals for reform at a UK level from Lord Turner, Hector Sants, the Government and official Opposition. It also sets out proposals from De Larosière and the G20 for EU and global regulatory change. AIFA also considers some of the implications of the proposed reforms on the IFA sector.
Chris Cummings, director general of AIFA, said: "With the ever increasing political and public pressure to reinvent the UK and indeed global regulatory structure, it is inevitable that we will see significant changes to the existing regulatory landscape over the coming years.
"However, appropriate implementation of existing regulation, and better supervision, can be more effective than new regulatory structures. In themselves new structures do not automatically lead to better outcomes for firms or consumers. This can only be achieved by setting clear regulatory objectives, which are consistent and focused on protecting the consumer, not from his or her poor decisions but from unscrupulous market participants.
"AIFA wishes to see more of the UK public get the best from the financial services industry. We would therefore urge the industry to engage with this debate, and offer their views on the regulatory structure of the future".
The paper is available at: http://www.aifa.net/news/publications.php and AIFA would like all responses sent to [email protected] by 1 June 2009.
