FSA attacks private equity “arrogance”
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The FSA has attacked the private equity sector as “arrogant” after a top fund manager questioned the need for regulation.
According to the Financial Times, FSA asset management sector leader Dan Waters attacked the private equity industry for its “arrogance” over their reticence towards regulation.
Jon Moulton, who runs the Better Capital private equity fund, asked a panel of regulators and executives at the Super Return conference in Berlin why hedge funds had to bow down to EU regulations even though they already had “clinically insane” levels of regulation in the UK.
Waters said: “It is the arrogance of that statement that no regulation is needed that has got the industry in trouble in the first place.”
The EU draft alternative investment fund managers’ directive will be voted on by MEPs in July.
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Readers' comments (1)
Steven Farrall | 12 Feb 2010 12:11 pm
Classic. Waters has been using '1984' as a manual again. You know, Newspeak. What's bad is good. What's truth is lies.
It is of course exactly the opposite of what he says. It is the regulators that are arrogant. It is a huge self deluding conceit that they have any idea at all of what's universally or individually best or right for any group or person in a free market with free people making and solving billions of individual transactions every day.
The man is a dangerous totalitarian corporatist bureaucrat. He's about as useful as a drunk Vogon.
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