Client managers complain of red tape burden
Increasing regulation is placing unbearable strains on innocent private client managers, their trade body has claimed.
No amount of regulation would prevent the ‘mad, bad and seriously stupid,’ said Angela Knight, chief executive of the Association of Private Client Investment Managers.
‘Regulators’ reactions to recent financial scandals need to be rebalanced against the cost to innocent firms and their clients,’ she told the association’s annual meeting on Thursday.
‘The cumulative cost of regulatory changes is adding significant costs to financial firms which are completely out of proportion with their ability to protect against fraud,’ she warned.
‘Increasing requirements and red tape as the result of the actions of the few serves simply to add costs to all sensible firms and their customers.’