Chris Cummings has questioned the level of regulation facing intermediaries.
The director general of the Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI) was speaking at the annual AIFA & AMI London Conference.
He said: “The costs and burden of regulation creep up year upon year. Taken on their own, each may look reasonable, of little concern. That is why we must always question — is this necessary? How much will it cost? What benefit will result? Without robust questioning, regulation will strangle growth, entrepreneurship and the essential dynamism that actually benefits consumers.”
He continued: “With so much happening in the sector, it is our main task to ensure that we communicate to our members what the key issues are in the current business and regulatory environment which will have an impact on their firms.”
Cummings also discussed the Compensation Scheme, FSA accountability and European regulation.
