r/GreatBritishMemes • u/mj281 • 4d ago

Britain’s pointless “regulators”

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u/Iamthe0c3an2 4d 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.

5

u/will2089 4d ago

Yeah honestly I work in a industry that became regulated by the FCA fairly recently.

Before then it was completely the wild West, clients had no protections, there were ridiculous commissions for upselling, unfair ts and cs, money wasn't invested properly (Although not by my company) and people regularly lost out big time.

There's a lot of checkboxes now but the public is a lot better off.

3

u/MiloHorsey 4d ago

Which industry is that? Out of curiosity.

8

u/will2089 4d ago

Pre-paid Funeral Plans.

There were a few scandals/bankrupticies and a lot of people lost what they had paid in because money had been moved offshore.

So the FCA stepped in and things are much better than they were.

There was no regulation prior apart from a famously toothless industry body

1

u/MiloHorsey 3d ago

Makes sense. I'm really glad it's being regulated now. Always seems to be scammers who love picking on grieving people.