Bro­ker slams over reg­u­la­tion

Daily Mail - - City & Finance -

STOCK­BRO­KER Charles Stan­ley (down 4.75p to 210.25p) hit out at ‘the threat of sti­fling over­reg­u­la­tion’ which it warns could cause ‘se­vere dam­age’ to Bri­tain’s fi­nan­cial ser­vices in­dus­try.

It is un­happy at hav­ing to draw up ‘liv­ing wills’ like the big re­tail banks and is an­noyed at a surge in the cost of the Fi­nan­cial Ser­vices Com­pen­sa­tion Scheme Levy, which creamed £686,000 off the group’s pre­tax profit for the year.

Di­rec­tor Michael Lil­wall says Charles Stan­ley shouldn’t have to pay the price for ir­re­spon­si­ble firms which have gone bust, such as penny share seller Pa­cific Con­ti­nen­tal.

‘Com­pa­nies like that should not be al­lowed to ex­ist, we don’t think they are part of our club,’ he says.

Rev­enues rose 13pc at Charles Stan­ley last year de­spite tough mar­ket con­di­tions, with pre­tax profit up 10pc to £10.3m.

Div­i­dends were hiked 8pc to 9.45p.

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