JOHN McFALL, CHAIRMAN of the influential Commons Treasury select committee, has joined critics of the FSA's "light-touch" regime for overseas investment funds, according to the FT.
Mr McFall is calling on the watchdog to close a “gaping hole” in its defences against consumer abuse, and has asked the regulator to reverse its decision allowing hedge funds and other investment companies to list shares in London under less onerous rules. In a letter to John Tiner, FSA chief executive, he warned that exempting foreign groups from more rigorous standards applying to UK investment trusts would result in “vital regulatory protections being abandoned”. He said the move had also put UK players “at a disadvantage”. HIGH STREET BANKS are set to use a crackdown on penalty fe...
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