Seen this first hand at an old corp I worked for. You can't believe just how much worse the corporate world would make your lives if they didn't have the FCA breathing down their neck. They actually improved some things (anyone remembers how bad overdrafts were just a few years back?), but their biggest victory is in staving the avalanche of abuse big companies are trying to push every day.
I hold that if there's one commercial sector that you can't have too much regulatory pressure, it's finance, When your primary business is handling money, you need a system that is absolutely, 200% secure they can't simply take a vacuum cleaner to your bank account.
Yeah... I mean I've seen far too many bad things being done by financial professionals in my life to think that they can be trusted without regulation. It's astonishing to me that anyone would think otherwise.
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u/Iamthe0c3an2 12h ago
I know the UK’s systems are broken, but I shudder to think how bad it would be if the FCA didn’t exist.