The Financial Services Authority (FSA) has got off to a faltering start in its drive to deregulate, meeting criticism from the City over its first concrete plans to scrap rules, reports this morning's Financial Times.
The paper says the watchdog’s proposal to ditch a central approvals system for people working in wholesale financial services has been roundly condemned for threatening the success and integrity of the UK industry. The hostile reception leaves the FSA and City executives in an awkward position and raises questions about the feasibility of deregulation, it adds. City bosses have complained vociferously about a burden of unnecessary regulation that they say is sapping productivity but they have been unable to back the FSA’s most specific attempt yet to address their concerns. The regulator...
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