Source: Cobden Centre
by Tim Price
“There is only a point in regulation if it achieves something of benefit, either to the regulated, or to the customer that is the third edge of this triangle. Unfortunately, in most cases, given the nature of bureaucracy and its interaction with human nature, process entirely replaces outcome. To a man with a hammer, everything looks like a nail. To a compliance department, everything that looks like a risk needs to be stamped out. Unfortunately, the fund management industry doesn’t even have a uniform definition of risk. And to be fair, it’s quite likely that most individual clients each have a subtly different definition of the word, too.” (10/09/25)
https://www.cobdencentre.org/2025/10/quis-custodiet-ipsos-custodes/