The UCITA relies on detailed regulation to protect the vendors and is both premature and unsound in its policy tilt, according to Braucher.

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"The decision by the President's Working Group to recommend no detailed regulation of the over-the-counter market was wrong, " says David Ruder, a former SEC chairman and now law professor at Northwestern University.

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In a statement, the WJEC said the proposals on regulation "merit further evaluation and detailed discussion, however these must not distract from the urgent need to develop 14-19 qualifications and learning programmes which fully meet the needs of young people in Wales".

BBC: English lesson

His new overwhelmingly detailed book lays out how our entire money network is tainted by way of complicity and lax regulation.

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