I once heard a famous actress (name forgotten, sadly) who was in her twilight years (shall we say), giving an interview on the radio. She was funny and charming, with a really quirky approach to life. At one point, the interviewing observed that the lady was still single, and she made a comment about being a spinster that made me laugh like a drain.
It also made ponder for a while, as I realised that her quote could very easily be applied to regulation. Having spent the previous day in a compliance audit, I was feeling pleased that our activities since the last audit 6 months previously had been approved of, and that we would be getting a good report.
As RDR approached, and I read so many comments on blogs from advisers not happy with the hoops they had to go jump through, I was again reminded of the quote. I therefore am stealing and adapting this fine lady’s words, as they seem so perfectly to fit what it is like to be a financial planner in the modern regulatory environment:
“Dealing with compliance is rather like drowning. Once you stop struggling, it can actually be quite pleasant.”