But for all the ‘consulting’ or ‘exploring’, there was very little actual doing.
As far as I could see, the only major thing the regulator did pass judgement on was its repeated refusal to introduce a long-stop.
No consultation on this one, just an outright rejection of the idea that advisers should ever be allowed to retire in peace without the fear of some retrospective claim arriving.
I disagree with lots that the regulator has done, but I can usually see why it has done it. The argument against a long-stop is that it is protecting consumer interests, but the downside is it creates a culture of fear among advisers who can literally never leave the industry.
Like Al Pacino in Carlito’s Way, desperately trying to shake off his past as the mob keeps trying to pull him back in.
Whatever. I suppose we should be grateful for this anomalous incident of decision. The rest of the review was littered with issues on which the FCA opted to delay judgement. I don’t know why.
It may be that the regulator has been emasculated by a controlling chancellor, who seems to be intent on driving through big changes himself.
It may be that the whole organisation has developed a culture that means it is so reliant on the consultation process that it can’t countenance actually achieving anything.
It enjoys the journey so much that it makes it as laborious as possible rather than actually arriving anywhere.
Either way, the regulator seems too scared to actually do anything beyond calling more reviews. And then reviews of those reviews. I for one wish they would just flipping do it.
