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zugzwang

Former Fsa Regulator Decries City Regulation

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Career incompetent 'Sir' Hector Sants upholds the Brown years as a model for the future. :blink:

The ex-FSA boss wants the Bank of England, Financial Conduct Authority and Treasury to review the barrage of red tape introduced since the financial crisis and cut it back to make sure it supports stability in the industry, rather than stifling its growth.

“Pressure arising from UK-specific policy and regulatory decisions has begun to reduce the attractiveness of the UK as a location for international banking and hinder UK wholesale banks’ ability to compete internationally,” said Sir Hector in a report commissioned by the British Bankers’ Authority.

He pointed to rules such as the ring-fence, which splits up retail and investment banking arms of UK banks, and higher taxes as particular barriers that “make it harder for UK-headquartered banks to compete abroad”.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11991820/Red-tape-and-taxes-will-destroy-the-City-says-UKs-former-top-regulator.html

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“Pressure arising from UK-specific policy and regulatory decisions has begun to reduce the attractiveness of the UK as a location for international banking and hinder UK wholesale banks’ ability to compete defraud internationally,” said Sir Hector in a report commissioned by the British Bankers’ Authority.

Nearer the truth.

That'll be the FSA that was done away with because of incompetence and accusations of possibly helping in possible fraud in cases like the Equitable Life scandal.

Edited by billybong

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