Cummings takes regulation concerns to HoL

Cummings gave evidence to a committee running an inquiry into UK economic regulators. He told the House of Lords Committee on Regulators that the FSA should undertake work to justify the estimated £50m cost of moving to less prescriptive regulations. At the hearing, Cummings also reiterated calls for National Audit Office scrutiny of the FSA every two years and said there needed to be more clarity on the form of regulatory dividend the regulator claims will result from principles based regulation and an end to what critics say is regulation by speech. “The FSA has talked a lot abou...