No, not the catchy song from the 60’s, or South Africa losing to Paraguay in their world cup match, but the proposed shake up of financial services regulation.
As noted in my recent book, Sign Here, Here and Here!...Journey of a financial adviser (ISBN: 978-0-9564325-0-6), change in financial services regulation seems to be inevitable and regular, with significant regulation effects being felt in 1988 and 1994 to name a few examples.
The handover of significant authority from the FSA to the Bank of England will take time and its effects, I am sure will be far reaching. From a financial advisers point of view, there were many proposals already being worked on leading up to a radical change at the end of 2012, namely the Retail Distribution Directive, or RDR as it is known.
I think that it is a good thing that Hector Sants, the Chief Executive of the FSA, is staying on to oversee these changes and this will provide continuity for a difficult role. Let’s face it, all things banking and financial services have been fair game for criticism, however we all need these services and they remain vital to our economy.
I think that it is good news that this nettle has been grasped and although I am sure there will be some pain over the next year or two with the transition to 2012, I believe that this unfurling news should be welcomed.
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