ASSOCIATION OF PRIVATE CLIENT INVESTMENT MANAGERS AND STOCKBROKERS MANIFESTO

That this House notes the manifesto of the Association of Private Client Investment Managers and Stockbrokers; further notes that the industry has £400 billion under management and employs 25,000 regulated employees at over 500 sites across the UK making a substantial contribution to the financial well-being of the country; further notes that in the 15 months since UK implementation of the Markets in Financial Instruments Directive, firms have been swamped by 5,437 A4 pages of regulations or regulatory communications from the Financial Services Authority (FSA) to implement or consider; observes that guidance published by the FSA is often issued without any cost-benefit analysis or consultation; and calls on the Government to ensure that the retail stockbroking and private wealth management sectors are not unfairly regulated or burdened by inappropriate or disproportionate regulation designed to address issues arising in other areas of the financial services industry.