Why dont we do what the rest of Europe seems to do and ignore the ban? We seem to have to stick to the rules where other EU countries dont have enough administrators to follow them. I can imagine in France they will consider every trader to be a broker and there will be no paper work. Over here the system will grind to a halt.
I think it's worth pointing out that the wording in the directive is not clear, the ban on any execution only trading is one, pretty harsh, interpretation of what's written. While there's no denying the wording could do with a lot of clarification (and so the campaign is clearly a good thing), it should also be noted that those responsible for drafting the directive have told the association of Private Client Investment Managers and Stockbrokers stating that it is not their intention to outlaw execution only broking. Given all that I don't think the likelihood of this leading to the dire consequences many are worrying about is very high, though it's obviously worth working to get the wording improved.
There was a fuller discussion of this on the Fool a few weeks back:
This has all come about because there have been a large number of complaints from people who lost money using execution only brokers and then had the audacity to argue that they didnt know what they were getting themselves into. I also think that there will be no blanket ban but there may well be much more stringent requirements before being allowed to open an account with execution only brokers and to use their services.
I really hope that this doesnt happen and I think we should maybe start a campaign now to lobby for scrapping this ridiculous infringement of our Human Rights to be able to decide to place a trade without advice. What will happen next will be that when you go to Sainsbury to do you weekly shopping there will be advisers asking if you understand the consequences of buying a pint of milk and then taking a commission for doing so. The whole EU legislative framework is pathetic and if I were told that I am not allowed to trade then I would move to the US without a second thought.
This certainly seems like the financial equivalent of having to walk in front of a car with a red flag! They say that this is a free country, but the reality is that we are losing freedoms on a monthly basis.
Another activity that the EU seeks to ruin is that of gliding. There is a move afoot to prevent gliders flying above 8500 feet, heights currently exceeded regularly by club pilots, and a restriction that would prevent pilots getting the internationally recognised gold and diamond height gain awards in the UK. This is a sport in which Briatin has lead the world, but which bureaucrats seek to emasculate.
If we go into the streets, we are watched by cctv. Our movements can be traced by motorway cameras, use of our credit cards and mobile phones. There is no privacy any more. Big Brother is watching.
Never-mind. There is free digital TV and we can all curl up and use the latest technology to pass the hours watching repeats of "I love Lucy" in black and white. Keep the masses quiet and happy. TV is the "Soma" from Orwell's 1984.
Svengali - I've not seen this in print but I'm assured that it is true by a committee member of the gliding club that I go to. I can just see the French and Italians obeying this one. The airspace at 8500 ft in some of their best flying areas has rocks in it!
isn't this the sort of challenge Biggles would have relished?
"Sorry Biggles, we need someone to fly Mt Snowdon over to Italy, buzz the Frogs on the way, that sort of thing...". Wing Commander Raymond said apologetically, Biggles lighted a cigarette....
(He never 'lit' them, as I recall)
Apologies to continental viewers, Biggles wasn't a 'new man' and was quite limited in his approach to people of non-UK origin. (Frankly, he tended to shoot them).
I guess you'd have a sort of league in which to start. Start off flying the equivalent of a mole hill, then trainers like Box Hill, then onto the slightly racier Mt Snowden. Then when you have proved your mettle onto the real flying Killimajaro etc. I guess when you'd got up to Everest there wouldn't be much competition..................