A useful TPA piece on the Financial Conduct Authority written by a professional working in the City of London who wishes to remain anonymous. The whole piece is well worth reading.
The hidden costs of compliance
The TaxPayers’ Alliance has done some fantastic work on the costs that regulators are placing on businesses around the country and the burden this places on us employees who are forced to spend our time getting cosy with all the various regulations imposed upon us.
The FCA is the most notorious example in my industry of a regulator that keeps piling new initiatives and regulations onto our businesses. It routinely goes beyond its remit and implements new regulations which take staff away from their productive day jobs and turn our attention to the latest fad that the FCA wants us to adopt.
Usually, the regulation is hidden behind an innocent sounding title, but the connection to the core goal of “financial conduct” is spurious at best, or covered by a myriad of other regulators which already give us enough grief as it is.
The FCA’s non-financial misconduct regulation is one of the most obvious examples of where it has overreached, with the regulator now acting as a social crusader rather than a financial regulator. Non-financial misconduct includes behaviour that is not clearly financial in nature, such as bullying, harassment and violence.
The TaxPayers’ Alliance has done some fantastic work on the costs that regulators are placing on businesses around the country and the burden this places on us employees who are forced to spend our time getting cosy with all the various regulations imposed upon us.
The FCA is the most notorious example in my industry of a regulator that keeps piling new initiatives and regulations onto our businesses. It routinely goes beyond its remit and implements new regulations which take staff away from their productive day jobs and turn our attention to the latest fad that the FCA wants us to adopt.
Usually, the regulation is hidden behind an innocent sounding title, but the connection to the core goal of “financial conduct” is spurious at best, or covered by a myriad of other regulators which already give us enough grief as it is.
The FCA’s non-financial misconduct regulation is one of the most obvious examples of where it has overreached, with the regulator now acting as a social crusader rather than a financial regulator. Non-financial misconduct includes behaviour that is not clearly financial in nature, such as bullying, harassment and violence.
2 comments:
I hope they have regs against people chewing gum in the office, or bringing babies or dogs to work. Though I would allow emotional support alligators.
dearieme - that's a thought, maybe emotional support alligators could also be prescribed as treatment for hypochondria in the NHS.
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