One of the greatest problems faced by Regulators of all sorts is how to deal with Reality. This isn’t as esoteric a discussion as it might sound. This month has already seen a clear example of how the Real World can upset the best laid plans.
The example is the “Unregulated Products” warning from the Financial Regulator. A sound idea in principle but does it work in the real world?
In the real world financial advisors deal with an array of Regulators and Ombudsmen all inputting to different parts of their business. A self-administered scheme is regulated by the Pensions Board but not by the Financial Regulator. Is this therefore an “unregulated product”?
YES – says the Financial Regulator – we don’t regulate it.
NO – says the Pensions Board – the Pension Board, the Pensions Ombudsman, the Department of Justice and the Revenue regulate it.
HELP – says the Financial Advisor trying to keep both happy.
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- The opinions expressed are those of the individuals rather than Independent Trustee Company.
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