Comply or die

There is a joke - admittedly not a very funny one - that goes: ask 10 economists the state of the economy and they will give you 10 different opinions.

So, if George Osborne says the economy will grow by 1.7%, then our 10 economist friends will agree or disagree with small statistical increments above or below that figure. That is ok because the economy can be run around those opinions and adjusted accordingly. Get ten compliance officers together and ask them what counts as a financial promotion and you will also get ten different opinions. The difference, however, is their opinions really matter in their businesses and it dictates the way those companies are run. Take a practical example. If Investment Week asks a fund manager to ...