Broker slams over regulation
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.