Two thirds of a cross section of financial advisers and international financial services industry professionals believe that regulation has gone ‘too far’, according to the results taken from latest International Investment reader’s poll.
In our latest readers poll which started at the close of December and ran until today, we asked: “In the last 12 months has regulation become too restrictive to financial services?”
Across the seven week period that the poll ran, of 300 readers that responded, 64% said ‘yes’, they felt that regulation had gone ‘too far’.
Just 8% of readers felt that more regulation was necessary with 28% believing that regulation was ‘about right’.
The result highlights the growing frustration within the international financial services community as more and more regulatory changes are being enforced across different countries in the wake of public outcries over financial scandals in the offshore world such as The Panama Papers and The Paradise Papers.
Increased scrutiny from financial regulators in different jurisdictions and widespread industry changes such as the MiFIID II changes in Europe have seen a rise in regulatory burden for both advisers and providers alike.