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The SRA viewed by the profession with a mixture of loathing and disrespect.

It is largely considered to have gone far beyond its required statutory remit, and become enmeshed in far much too regulatory activism.

Meanwhile the SDT has begun to lose more and more credibility, its penalties seemingly ‘picked out is a hat’.

Both suffer from appalling prejudice against small firms, and an unhealthy obsequiousness towards the City firms and ABS’s.