Industry supports FSA attack on Brussels

Speaking at the FSA annual meeting yesterday, FSA chairman Callum McCarthy targeted a rare political attack on Brussels about the financial services regulatory proposals being tabled by the European Commission, and at its latest plans for the Markets in Financial Instruments Directive in particular. McCarthy described the major reforms for implementing MiFID as “deeply unsatisfactory”, as this would require further IT system changes and upgrades while there was no indication such huge reforms would improve on existing UK regulation. “It is deeply unsatisfactory that UK financial servi...