Regulatory re-jig branded "cosmetic" and "very risky"

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The Government's proposed new regulatory structure is nothing more than a "cosmetic" exercise that will not make a grain of difference, Lansons director of regulatory consulting Richard Hobbs says.

Hobbs also attacked the coalition for pursuing this "very risky process" and believes the timescale for its completion has been "misjudged." Speaking at the Protection Review conference, Hobbs took aim at the plans to replace the FSA with a Prudential Regulatory Authority (PRA) and a Consumer Protection and Markets Authority (CPMA) which, he said, also leaves the future of the Office of Fair Trading (OFT) "unclear." "Having spent a quarter of a century in Whitehall, I can pretty much tell you before and after, it doesn't make a grain of difference which one you use, it makes no differ...

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