Back in medieval times every village had a large field where villagers would graze their animals.

Unfortunately, because the villagers could graze as many cattle as they wished, the village common was always overgrazed and hence, didn’t support many animals.

If the villagers had grazed less cattle then it would not have become overgrazed and would have supported more cattle long term.

The trouble was that when the individual exploited the resource he reaped the benefit whilst the village tribe shared the cost.

As Drucker espoused about commerce “If one cannot increase the resource, one must increase its yield.”

Along these lines, financiers can always make more profit by taking more risk with other people’s money. Want even more profit? Find some way to take even more risk with client money.

Less regulation and compliance costs on advice will increase the supply of the resource (client money). This will go some way to relieve the temptation of vested interests to over leverage the assets.

Currently, like the selfish villager who abuses the common, the individual’s vested interests reap the benefit for risk whilst the British tribe pays the price.