You probably haven’t heard of the FCA in terms of a government licensing scam?
It works like this…
The UK regime is in constant desperation to refill its empty treasury due to bailing out the “elite” and ongoing general financial mismanagement.
One of the best ways to acquire funds is to meddle and regulate key industries in return for a slice of their pie.
Bizarrely, the professionals in the industry initially welcome the scammers in with open arms!
Why?
Because the scam increases the level of qualifications needed, increases the cost of running under the regulation and generally erects all sort of barriers to new entrants into the industry (increasing the profits for the existing players).
Then it goes too far, the sector becomes so burdened that the public stop wanting to pay the premium, cronyism creeps in, regulation becomes weighted in favour of the insiders, pushing the outsiders out.
The industry gets smaller and smaller until the government finally kills its Golden Goose.
Eventually, a new replacement is born – being unburdened with the extortion scammers it replaces the traditional sector and the cycle can begin again!
You cynic you!
Oh you cynic 😉 hahaha
Stephen
I find that I agree with everything you say and do. It is just a pity there seems to be only the two of us!
I really must make time to look carefully at your propositions.
Hi Stephen
A very interesting Blog you have written.
Are you by any chance referring to the CAA- ATOL licensing and ICAEW and ACCA coming out with new proposal for next year and this will bar us as IFA Reporting accountants.
I have made a complaint to the CAA ( Civil Aviation Authority), I think you should do as well.
If you are interested I can send you the details of the proposed changes and the email link …..
Great article
Hi Steve
What is this new licencing that you refer to?
How does it work?
I must say your blogs are most amusing.
Hi Steven,
Sounds like financial industry. In my country Netherlands they basically killed it. After they copied the uk model. I moved to Singapore…. Industry here is pretty much closed, they are bit more smart here and yes it is a dangerous situation. If my industry does not exists anymore the government will lose much more and the whole economy might be Infected. That is why some times I refuse. I rather stop dan just agree on over regulation by people who actually are not the law of government.
Interesting blog !!! Thank you
The burden of over regulation!
Love it and so true!
Can I share please?
Like your style Stephen not sure where you found my email address. At 66 they certainly pushed me out with their regime, now arranging Mortgages.
Stephen,
Totally agree –
when I paid my “C.C.L. Fee” to the previous “regulator” the amount had shot up from £101 to nearly £600. When I queried this was informed – this is a “lifetime” fee.
two years later…… another fee for “interim permission” and next year, yet another — who says “Dick Turpin” is dead?
regards
Dear Stephen,
One more Scam to be added.
Consumer Credit Licenses were being issued by the Department of Fair Trading.
Now that role is given to FCA and they are cancelling the previous licenses and want a new application and new fee.
By changing the authority, how can they cancel the existing license issued by the previous authority of the same government?
Dear Steven
Thank you for your email of 10 July. I agree with you!
Best wishes