By Steve Conley
Founder, Academy of Life Planning
The UK government’s Mansion House reforms, dressed in the language of “growth,” are taking us down a dangerous road—a road paved not with prosperity, but with exploitation. Deregulating the financial industry, while cybercriminals and fraudsters prey on even our wealthiest citizens, is akin to dismantling fire stations during wildfire season.
It’s time for a U-turn on financial regulation.
A Third of the Wealthy, Scammed
New data from the Saltus Wealth Index reveals that one in three high-net-worth individuals (HNWIs) has been the victim of a financial scam or cybercrime in just the past six months. This isn’t fringe or hypothetical—it’s happening now, and it’s happening fast. Nearly half (44%) lost more than £2,000, with 15% losing over £25,000, and 6% losing as much as £100,000.
These are individuals with access to advisers, resources, and security tools. If they can be defrauded, what hope is there for the everyday citizen, already underserved and over-exposed?
The Digital Wild West
Social media has become the new frontier of financial crime. According to FT Adviser, UK consumers have lost over £214 million to scams on social platforms in the past five years. A Freedom of Information request by Good Money Guide exposed Facebook as the leading channel for these frauds, with over 1,400 police reports in 2024 alone—overtaking Instagram, the previous four-year frontrunner.
Criminals are agile. Our regulatory framework is not. While the Treasury cosies up to City lobbyists and accelerates deregulation in the name of “unlocking capital,” ordinary people—and increasingly, the affluent—are being defrauded in plain sight.
Deregulation Enables Harm
The Mansion House reforms promise a high-growth future by relaxing pension rules, loosening oversight of financial products, and fast-tracking approvals. But growth for whom?
History has taught us that financial deregulation rarely benefits the masses. From the global financial crisis to the pension mis-selling scandals, loosening the reins almost always leads to increased consumer harm. Scammers, market manipulators, and unscrupulous firms thrive in these environments.
In this climate, reducing regulation is not just irresponsible—it is complicit.
We Need Accountability, Not Abandonment
What we need now is not deregulation, but a doubling down on intelligent enforcement, digital policing, and financial accountability:
- Restore regulatory vigilance to protect consumers before harm occurs—not just after.
- Hold tech platforms accountable for enabling scam proliferation.
- Invest in digital fraud prevention, public education, and proactive monitoring.
- Place consumer protection—not financial sector profits—at the heart of policy.
If even our wealthiest citizens are losing tens of thousands in broad daylight, we must ask: who is government policy really protecting?
Conclusion: Growth with Integrity
Policing the financial system is not anti-growth. It is the only path to sustainable growth. Trust is the bedrock of any financial system. Without it, markets collapse, capital flees, and consumers disengage.
Let’s not wait for another systemic scandal to remind us what happens when we put the interests of City elites ahead of public safety. It’s time to put people before profit and integrity before ideology.
The call is clear:
Regulate to protect. Police to prevent. Empower to rebuild.
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.
Academy of Life Planning 