The FSA will inevitably be superseded by an EU-wide ‘mega regulator', a high-profile UK adviser believes.
Informed Choice joint managing director Martin Bamford says the path is already set toward standardised European regulation, whether the FSA wants it or not. Bamford was responding to comments this week from Italian finance minister and former European Central Bank board member Tommaso Padoa-Schioppa. He says uniform EU regulatory and supervisory arrangements are “urgently needed”. Padoa-Schioppa sent a letter to EU counterparts outlining his vision ahead of today’s Ecofin Council meeting of finance ministers. Leading European figures are using the recent credit crunch shortcomings to...
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