Panacea chief executive Derek Bradley has written to business minister Michael Fallon urging him to consider the financial services sector in his radical new deregulation plan.
Fallon announced what he described as "a bonfire of regulations" on Monday. He wants to scrap 3,000 regulations by the end of the year.
He told Sky's Murnaghan programme: "Privatisation [and] deregulation did work in the 80s and 90s. You have to do what you can to free up business."
He has also said that the current regulatory approach of one in, one out only limits new regulation, there's far too much existing regulation: pointless annual checks, box-ticking that small firms have to pay consultants for, repetitive checking of certificates, and more."
In a letter sent to Fallon this week, Bradley welcomes the initiative arguing that too much regulation in the financial services sector is hampering small businesses.
He also points Fallon's attention to the Regulators Code of 2007, which he argues has been "overlooked by the FSA and no doubt many [other] regulators too".
He argues that although the code spells out clearly how regulatory bodies should avoid unnecessary regulation it has been ignored.
He highlighted several points from the code:
• [A regulated body] should also take account of the circumstances of small businesses, including any difficulties they may have in achieving compliance.
• It should consider the impact that their regulatory interventions may have on economic progress, including the costs, effectiveness and perceptions of fairness of regulation.
The letter continued: "In considering this code, will you conclude that the concerns of so many in our industry at least are not relevant or are totally outweighed by other relevant considerations, making financial services a special case for treatment again."
Bradley said that he hopes to receive a response from Fallon that demonstrates a realisation that the Financial Services Authority's (FSA's) regulation disproportionately affects small firms sector and contravenes the Regulator's Code.
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