Hard to believe: Competition Inquiry into Fund Management

Bureaucrats are hard-pressed to find enough to occupy the enormous number of people working at the UK's regulatory body, the FCA. The irony is that the roughly 4000 employees themselves put a large burden on the industry and by extension on the British (and international) savers who ultimately pay for the costs of this neo-totalitarian construct.
Sloppy supervision led to the so-called abuses in the financial sector (Forex, Libor, 'mis-selling' of payment protection) and even more sloppy prosecution led to the imposition of arbitrary fines that bear no relation to the 'crimes' committed. In any proper court of justice there has to be concrete proof that harm was done but these enquiries are nothing else than vindictive persecution of an unpopular and quite often hated minority.
And the bureaucrats take their time. The final report is not expected to be published before early 2017 (who wants to open a book on that?).
There may be problems in the UK asset management industry but only a fool (and a regulator with time and money on his hands) would say that there is not enough competition. Any distortions are more likely to be the outcome of ill-considered tinkering by politicians (and I am sure Chancellor Osborne is busily working on some more schemes that will aggravate an already non-sensical legal and tax framework).
FCA launches competition study of UK asset management industry (IPE)