3 ms·

What costs more to a small institution? Tax or regulatory compliance?

• rayiner 11y ago
  Banks have to deal with more or less the same regulatory compliance requirements.
  • smcl 11y ago
    Banks are rarely small institutions - even the smaller ones will have dozens of people employed whose sole job is to handle regulatory compliance (UK finance perspective here)
    • rayiner 11y ago
      So what? Difficulty with regulatory compliance is intrinsic to being a small entity. That doesn't mean the regulations are stacked in favor of banks.
      • smcl 11y ago
        So "tough luck if you're the little guy" basically? Seems a little unfair no?
        • Goronmon 11y ago
          Sure, it's unfair. But your argument for loosening regulations can't just be "It's too hard for small businesses." I'm sure things like health and safety violations are a burden for small businesses, but they don't get to opt out because solely because they are small. If you can make the argument that specific regulations offer no benefit other than to protect larger businesses that's one thing. But "It's hard" isn't convincing enough to me.