A Regulatory Intervener

Does the regulator know best?

It would seem that Martin Wheatley, chief executive of the Financial Conduct Authority is thinking in these terms.

In an interview with the Financial Times, Mr. Wheatley states that he sees his role as protecting customers from their irrational selves.

He argues that the FCA will need to be interventionist to head off misselling scandals. That said, Mr. Wheatley states that outright bans on products will be rare.

I believe that there is a dangerous trend towards more interventionist regulation and politics (see below). If the state knows best then what hope is there for the creativity of mankind?

A debate for our Regulatory Update course this Monday.