How many a road has been left untravelled?

Updated: Feb 17, 2021

How many a road have been left untraveled for concern of safety? How many a stone has been left unturned for fear of the challenge in lifting it? Starting a business is always going to be a brave gesture, but starting a business in a heavily regulated sector - even more so.

So you are an entrepreneur, or you want to be. And like others before you, you believe fundamentally that financial services can be better. And we agree, it certainly can. From mortgage prisoners, to information bias (information what?), to lack of intuitiveness or poor UX - customers of the financial services marketplace can run into a multitude of deficiencies at any time. That is why Fintechs and their esteemed founders are boldly trying to disrupt the sector for the betterment of all. Soon, we hope you will join the very same legion.

Alas, the Financial Services sector is no joke. It is one of the most heavily regulated sectors in the world, and for very good reason. The barriers of entry to the market are high and the standards of on going conduct are yet higher. With a simple Google search, you can easily find £bn horror stories of when everything went wrong and customers were seriously negatively impacted by the actions of those whom they'd entrusted with their financial lives. For this reason, we firmly believe that regulation is a necessity. Hell, you might even remember a time before the Financial Services and Markets Act (2000) when Self-Regulating Organisations were par for the course in the United Kingdom. It didn't work - we could argue that after 20 years, it is time to re-examine but this is a post about paths untraveled and that is an entirely different matter altogether.

So, financial services needs innovation and it needs improvement in places but it is incredibly hard work to launch to market and frankly, quite a frightening endeavor. It is no wonder there are so many would-be entrepreneurs with so many could-be unicorn business ideas primed to become the next hot brand valued at over a billion dollars which ultimately never come to be.

At the Edmund Group we believe to our very core that ideas should be pursued, to be cliché for a moment; Wayne Gretzky once told us that we miss 100% of the shots that we do not take. More poetically put and for those interested in the literary arts, you may be familiar with the conundrum posed by Robert Frost in 'The Road Not Taken' - in which the reader is challenged to consider the path not chosen. In almost a jeering fashion, we are informed that the road less traveled had made 'all the difference'. Of course, it is poetry and it can be interpreted in many ways, but we like to think that this is a pretty beautiful metaphor to take that shot... To do something that frightens you.

Of course with great rewards, comes great risk. And financial services is no different. Unlike Wayne Gretzky, you're not just going to lose a game. And unlike Robert Frost, you're not simply going to get a little bit lost. Just as you would take a Sherpa with you to climb Mount Everest, you should seek assistance from those around you to guide you on your brave, gallant and courageous journey.

This is where we come in. We are the Edmund Group and we have done this before. Our founding consultants have taken banks through the regulatory mobilisation process, they have hand-built bespoke compliance, risk management and financial crime prevention frameworks that met the high standards required to enter the UK financial services marketplace and they have worked with a top billion dollar unicorn company in senior positions. We understand the delicate balance between risk and rewards and we can guide you along the path less traveled for it will make all the difference for you too.

#Business #Entrepreneurship #Consulting #Regulation #Risk

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