House of Lords concerned over EU plans for single financial regulator

Despite the UK's House of Lords coming out against the idea of a European single regulator the European Union (EU) has put in place a system to harmonise implementation of financial advisory legislation. The Lords' report examined the moves by the EU towards a single European financial market, which is the goal of the 42-point Financial Services Action Plan. This plan has passed 36 points, including creating a EU passport for insurance intermediaries. The remaining handful, such as the Investment Services Directive which will create a passport for fund advisers, is to be completed by Apri...