CBI warns of financial regulation 'overload'

In a new report entitled ‘Promoting a Global Champion’ out today, the Confederation of British Insurers calls for a moratorium on new regulation, stressing ‘complacency’ in Brussels could threaten the global status of UK financial services. The CBI points out between 2004 and 2006, over 20 EU measures are likely to be imposed on companies, causing a regulation and consultation overload. While CBI deputy director-general John Cridland hails the UK financial services industry as one of the best in the world and a major contributor to UK employment, output and balance of payments, he stres...