Last night I bumped into an experienced observer of the City and described how the FCA deliberately ignores massive fraud since the test is whether the public notices. This depresses me (I still yearn for the c. £500,000+ that the FSA/FCA vanished from my grasp – but, being a romantic, I slightly hope – however foolishly). Of course, this cynicism on the part of the FCA induces others who are similarly adversely afflicted by the FCA to express a view and I show below the results of a survey commissioned by Duff and Phelps (a new name in the firmament) covering the effect of regulation as practised by the FCA (no attempt is made to quantify the cost of this regulation – but it is colossal). |
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