Investment banks get out of polarisation, for now - papers 26th June

The City of London regulator is poised to suspend a series of rules after complaints from investment banks that they would cost millions of pounds to implement and achieve nothing, reports this morning's Financial Times. The complex rules were brought in at the start of December by the Financial Services Authority when the nine separate rulebooks of the regulator's precursors were combined into one 18 inch-thick tome. But differences in wording between the original sets of rules have led to warnings from investment banks that expensive changes to their computer systems would be r...