Eight out of ten businesses call for FSA reform
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Eight out of ten UK businesses have called for immediate reforms to financial regulation in the UK after the election.
A study by legal firm DLA Piper found that 84 per cent of UK business people said reform of the current system is a “must for the next government”.
More than half of those questioned agreed with Conservative party plans to scrap the FSA and devolve powers back to the Bank of England as well as creating a consumer protection agency. It also found that 24 per cent of respondants wanted “major structural reform” when it came to financial services regulation.
DLA Piper London managing partner Catherine Usher says: “Perhaps too much focus has been on the fairly narrow issue of bankers’ bonuses – something which our results suggest does not overly concern UK business executives – and it seems that a broader root-and-branch review of regulation affecting UK businesses is required.”
The survey also asked business people about their ideal choice of leader with regard to finance.More than a third felt Conservative leader David Cameron was the politician best placed to steer the UK out of the downturn and shadow business secretary Kenneth Clarke ranked second with 21 per cent of the vote. Prime Minister Gordon Brown was fourth in the list, after Liberal Democrat shadow Chancellor Vincent Cable.
Tory shadow Chancellor George Osborne, along with first minister Peter Mandelson, was seen as the best option by only 3 per cent of respondents.
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Readers' comments (3)
Anonymous | 19 Apr 2010 9:52 am
The sooner the FSA is scrapped the better. A more realistic organisation that understands financial matters should be put in place. Also look at their web site and look under careers and see what is given to the staff out of our fees it is a disgrace
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Evan Owen | 19 Apr 2010 10:52 am
Yet another unnecessary upheaval for IFAs, some of whom are acting like turkeys.
Take "Anonymouse 9:52 am" for example, has he not worked out that the CPA will cost another £100 per annum and employ MORE regulators? Has he not considered how ALL consumer lobby groups will have just ONE place to vent their spleen at ONE sector of the financial services sector? His..
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paolo standerwick | 19 Apr 2010 1:33 pm
Evan.
Sorry I have to say this but you are not a practicing IFA, so how would you know what IFAs want in 2010 going forward? The best qualfied to speak for us is us!
Practicing IFA
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