So the FSA has published the findings of the research it commissioned on the cost of compliance? And the result?
The cost of compliance has increased. Well, I never. My nine-year-old daughter Gemma could probably have worked that out (and she would have done so at a fraction of the cost of the research undertaken).
Does it really take a 103-page report to tell us that the cost of compliance for a regulated firm has increased? Common sense tells me if you expand the length of the rulebook that firms have to comply with, then their costs in interpreting the requirement and implementing the changes will go up.
What would have been far more helpful would be a more concrete indication from the FSA of how they are going to help regulated firms (correction, make that smaller regulated firms) by reducing the number of grey areas that arise within the rulebook by, heaven forbid I suggest this, actually helping smaller firms in interpreting the rulebook, rather than just leaving them to struggle on their own without any assistance.
Gary Dixon
Managing director
Compliance Solutions
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