Does the FSA really dislike over-regulation?

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It was surprising to read the FSA's warning about over-regulation in financial markets hindering growth, given its recent comments it will goldplate the Markets in Financial Instruments Directive (Mifid) where necessary.

Speaking at a conference for reinsurers in Monte Carlo on Tuesday, John Tiner, chief executive of the FSA, said regulators across the EU need to streamline their rulebooks to encourage competition. He stated: “I do wonder myself whether legislators and regulators and other policymakers derive their job satisfaction by adding new regulation with insufficient incentive to remove unnecessary regulation.” I can’t help but wonder whether IFAs would find this sort of comment irritating, as one of the biggest complaints from IFAonline readers is the unnecessary amount of regulatory ‘red tape...

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