UK must move away from 'Soviet Union-style' regulation

Speaking at the House of Commons Business, Innovation and Skills committee, Kay said he does not oppose the principal of financial services regulation but that British markets had gone down a "Soviet Union" style of developing compliance. He explained: "I don't want more regulation, I really want less. We've gone down an almost Soviet Union road of introducing regulations and then when they don't work we elaborate them, and we go on getting more and more frustrated with the fact the they don't work very well." Kay responded to criticisms that his report, The Kay Review of UK Equity Ma...