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City Group targets regulation

The first meeting of the Government’s High-Level City Group has called for a cut in financial services regulation and further action against the unnecessary gold-plating of European directives.

The group, which met last week in London, said the FSA’s principles-based regulation must be maintained but put forward proposals to reduce the admin burden of the regulation.

As part of the group’s work, the Government outlined its efforts to take further action against “unnecessary gold-plating of European directives” and push for a more deregulatory stance in the EU under its German presidency.

The Government said it will examine with the FSA whether the regulatory regime for insurance services with low consumer detriment or systemic risk could be lightened.

It discussed ways of boos-ting professional finan- cial skills in London and examined proposals for a centre of regulatory expertise to provide teaching and research.

The group was set up by Chancellor Gordon Brown in the last Budget to develop and support a new strategy to promote London as a leading financial centre.

The meeting was chaired by Brown, with Treasury Economic Secretary Ed Balls and trade minister Ian McCartney also in attendance.

Brown told the meeting: “Today’s meeting has discussed concrete steps that will allow us to take forward an agenda, bringing busi-ness and Government tog-ether, to equip us to meet the challenges of global com-petition and promote the City and its financial services expertise throughout the world.”

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