Financial advisers unhappy that they are constantly being attacked for conflicts of interest are beginning to point out conflicts in other parts of the industry sector. This quote from Brent Sheather is not a-typical:
"No one should be surprised to hear that regulation favours the QFE’s given that most of the FMA are either ex-QFEs, pre-QFE’s or both."
The issue he targets is common in almost every regulated market - that staff of the regulator are naturally either former staff of big regulated businesses or potential staff. There is simply no easy answer to this problem. The alternative is to hire staff with no experience, and to make the regulator much less attractive as an employer. That cannot be contemplated. So the difficult but necessary solution is to work harder than ever to ensure processes can stand up to scrutiny - and I believe that they can.