Tory MEP calls on industry to engage with Brussels
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The UK financial services industry needs to engage with Brussels in order to influence the regulations and directives currently being developed, according to Conservative MEP Syed Kamall.
Speaking at the Kleinwort Benson Forum in London on Wednesday, Kamall said the appointment of Michael Barnier (pictured) as the EU internal market commissioner has raised concerns that a tough regulatory regime will be imposed on the City.
He said with the additional threat of the alternative investment fund managers directive looming, the financial services industry needs to engage with Brussels to influence regulation.
He said: “For some it is a perception that their voice will not be heard that holds them back, for others the belief that they need to lobby through intermediaries. Neither could be further from the truth. We need the City to engage with both the European Commission and Parliament if the financial services industry in London wants a successful long-term future.
“Right now it’s a mere handful of British MEPs who are trying to hold back a tide of regulation. Many politicians and bureaucrats in the EU have it in for the City of London. If the City does not speak out now, it will find itself cut out.”
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