15 Jun FSA Accused of Trying to Over-Regulate the UK After Criticism Over Action Over RDR
According to ftadvisor.com UK regulators, specifically the FSA, have been accused from a number of different areas of trying to force through regulation that would "make the UK more regulated than the rest of Europe", thus making trade difficult.
At the recent Association of Mortgage Intermediaries (Ami) annual dinner Lord Deben called for increased transparency in relation to how the new legislation would work across different countries and warned about the increasing levels of regulation being pushed through by UK regulators, claiming that it was ahead of the EU's proposed regulatory plans.
He commented "I hope that our regulators don't think they can get little bits [of regulation] in before European legislation comes in to make us more regulated than the rest of Europe. We have to accept that that we are already over regulated as an industry."
The comments follow on from recent remarks made by the chairman of the European Parliament economic and monetary affairs committee about the FSA's recent action in relation to the retail distribution review (RDR) and how such actions could potentially damage the UK's negotiating power in European financial markets.