What does it take to make 'good' financial laws?

REGULATION

There is an old saying that laws are like sausages - it is best not to see them being made.

In fact, the opposite has generally been true in the UK financial services industry, where the regulator is required to conduct open consultations and ensure the arguments “for” and “against” are properly aired before new rules are made. To its credit, the FCA (and the FSA before it) has traditionally applied rigour in its approach to consultations. Its policy and feedback statements contain a fair summary of the responses received, together with the regulator’s final views on the matter and a summary of its reasoning. The overall result is that, whether you agree or disagree with wha...