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Saturday, July 14, 2018

How can we simplify compliance regulation in the financial services industry?

I think when you say financial services compliance, perhaps we can break it down into different buckets. 

For instance, banks are regulated more heavily at the federal level, whereas insurers are regulated primarily the state level. 

And then you have the professional services offered at different points in the value chain of any financial service by various intermediaries, especially middlemen or advisors that have to be licensed - insurance agents/brokers, registered investment advisors (RIA), broker-dealers, etc. We haven't even talked about real estate brokers or payment processors/money handlers, yet.

If you're saying in general, I think it's always going to be a tug and pull between who has jurisdiction (state versus federal) as well as where the industry or particular financial service sector is at in terms of its regulatory evolution. 

The stage of this evolution will be highly dependent on how the vested interests (i.e. lobbying groups, corporations, etc.) have impacted a particular regulatory landscape thus far, and what it will look like going forward  - who's losing influence, who's gaining influence - consumers, companies, associations, etc.

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