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The Red Tape Challenge

“Many IFA members may be aware of the Government’s Red Tape Challenge initiative to address and reduce the overall burden of regulation.

Details can be found on www.redtapechallenge.cabinetoffice.gov.uk.

Every few weeks, the site will publish regulations which relate to a specific sector and throughout the process general regulations relating to all sectors will also be published. Anyone can submit comments on this site about which regulations they think should stay, which can be merged, which can go and so on. These comments will then be collated and used to help decide which regulations should stay, which should go and which should change. Ministers will have 3 months to decide how to proceed and the presumption is that all burdensome regulations will go unless the government departments can justify why they are needed.

The Money Laundering Regulations are due to be examined under the financial service regulations from 10th January until 14th February 2013. This is an opportunity for you (the IFA) and your members individually to provide the Government with your views on the Regulations, and the Government would welcome your responses.

If you are commenting, it would be helpful if you could copy your response to the IFA to ensure that we are aware of your thoughts and can co-ordinate action.”

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