Red Tape or Life Raft? Why Deregulation in Taxation and Trust Advice Is Sinking Families

By Steve Conley, Academy of Life Planning

In March, behind the closed doors of Downing Street, Chancellor Rachel Reeves and the UK’s top regulators met to “cut red tape” in a bid to kickstart economic growth.

But while they sharpen the scissors, thousands of families are drowning.

Take just one case: 18,000 people trapped in a legal nightmare, their homes unsellable, their life savings drained—not because of a market downturn, but because regulation failed.

When regulation fails, people don’t lose profit margins. They lose homes, savings, and sometimes their lives.

The Scandal Beneath the Surface

In 2021, law firm WW&J McClure collapsed, leaving a trail of devastation. Thousands of clients had been sold family protection trusts—promised as safeguards against care fees, probate delays, and inheritance tax.

In reality? Many councils rejected the trusts as “deliberate deprivation of assets.” Families found themselves saddled with unexpected £10,000+ tax bills, legal costs spiralling into tens of thousands, and properties frozen in legal limbo for years.

Their parents had been told these trusts were ironclad protections. Instead, they became shackles.

And with McClure gone, no one was left to fix the mess.

Third parties like funeral plan providers, charities, and building societies had referred clients to McClure—profiting from introductions while disclaiming responsibility.

“They destroyed three years of my life,” says Sandra Vincent, whose mother’s house sat empty and unsellable for years while professional trustees refused to relinquish control without costly, delayed legal action.

Her story is not unique.

Thousands are still unaware they’re even affected.

Red Tape or Red Warning?

Now, as ministers plot to “streamline regulation to unlock growth,” we must ask: growth for whom?

For families like the Grants and Vincents, regulation wasn’t a bureaucratic hurdle—it was their only lifeline.

Without robust oversight:
✅ Predatory schemes slip through.
✅ Loopholes widen.
✅ Victims multiply.

When regulators are underfunded, underpowered, or sidelined in the name of “efficiency,” the result isn’t faster prosperity. It’s faster exploitation.

The McClure scandal shines a harsh light on the danger of an unregulated or underregulated legal services sector. In England and Wales, anyone can sell legal services—even if they’re not a solicitor. Consumers get just one year to complain to the Legal Ombudsman, compared to six years for financial complaints.

And yet, we’re told regulation is the problem?

The True Cost of Deregulation

Every time we loosen protections, we send a clear message: “buyer beware.”

But ordinary people aren’t legal or financial experts. They shouldn’t have to decipher fine print, unpick trusts, or fight professional trustees just to claim what’s rightfully theirs.

The McClure case isn’t an outlier—it’s a warning.

When oversight is weakened, it’s not City firms or hedge funds that bleed. It’s pensioners, widows, families left without homes, without savings, without hope.

And when things go wrong, it’s the taxpayer who foots the bill.

A Better Blueprint

Yes, we need innovation. Yes, we need economic growth.

But not at the expense of justice, trust, and human dignity.

Instead of cutting safeguards, we should:
🔍 Expand regulatory coverage to include currently unregulated legal activities.
👥 Hold third parties accountable for introducing clients to risky schemes.
📣 Empower consumers with independent, ethical guidance—free from conflicted sales channels.
⚖️ Resource regulators to act swiftly and effectively, not merely react to scandals.

Because when trust is already broken, the last thing we need is to cut the safety net.

Your Money or Your Life?

As policymakers trade headlines for haste, let’s not forget:

When regulation fails, it’s not paperwork that gets lost.
It’s lives.

For the 18,000 families trapped in flawed trusts, regulation wasn’t an obstacle—it was absent.

Now is not the time to deregulate.
Now is the time to re-regulate—to restore the public’s faith in the very systems meant to protect them.

Otherwise, next time it won’t just be 18,000. It’ll be millions.

🚨 If you or someone you know has been harmed by corporate financial crime, explore the free support available at the Justice & Recovery Hub.

✅ Access free empowerment & recovery services
✅ Join peer support groups
✅ Train as a Justice & Recovery Specialist
✅ Partner to expand the movement

Learn more & get help from the Academy of Life Planning.

Let’s rebuild lives and restore justice—together.

🕯️ Let’s ensure no one else has to choose between their money—or their life.

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Your Money or Your Life

Unmask the highway robbers – Enjoy wealth in every area of your life!

By Steve Conley. Available on Amazon. Visit www.steve.conley.co.uk to find out more.