Who will regulate the regulators? There are concerns that we have not yet taken advantage of Brexit: regulation remains too cautious and too burdensome, rather than supporting growth and the long-term health of the country.
I was interviewed in CityAM, voicing my support for a proposal by Conservative peer Lord Bridges for a new body to regulate the regulators and hold them to our best interests.
Gavin Haran, head of policy for asset management at Macfarlanes, said that a permanent body would be the best method of holding regulators to account.
“A body like an Office for Regulatory Accountability (OFRA) would have the remit and expertise to engage with both the regulators’ day-to-day business and the long-term strategic direction of UK financial services,” he said.
“Whatever approach is adopted, many in the City want to see a stricter separation between the protection of retail consumers, and the regulators’ approach to wholesale markets and the City’s international competitiveness.”
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