Although it is some hours until the chancellor stands up to give his annual Mansion House speech, it...
Although it is some hours until the chancellor stands up to give his annual Mansion House speech, itself a significant part of the communications link between the City and Westminster, APCIMS chief executive Angela Knight has already rallied the troops by announcing that the association stands clearly behind the Lord Mayor's expected call for further regulation of the financial services industry to be scrapped.
"There comes a point when you spend all your money on meeting regulations and not on your business," she says, pointing out that new regulations are being considered by the FSA, the European Commission and the Committee of European Securities Regulators.
"For example, there are 40 pieces of legislation coming out of the Commission and we need to make sure that we get the benefits of harmonisation without the added burden."
APCIMS also sees un-necessary burden being implemented because of reactions to accounting issues involving companies such as Enron and Tyco.
Knight says that accountancy issues ought not to spread from the US to the UK as regulations in place here are already different.
The chancellor's speech is expected to focus on economic growth, the euro, interest rates and how to bolster investor confidence.
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