Are all Private Investors Idiots?

That seems to be the assumption under which regulators in the EU and FSA publish a raft of consultation documents, guidance notes and draft new laws argues Matthew Vincent in the Financial Times. I would like to add that these diktats lack any democratic legitimacy as they are cooked out by unaccountable technocrats and bureaucrats that are not answerable to the citizens. More and more regulation means higher costs that are ultimately borne by the real investors - the ordinary man on the street who is the paymaster of all fund managers, securities firms and regulatory bureaucracies.
(6/02/2011)