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Cummings attack on Labour’s call for regulation review

Aifa has hit out at the Government’s call for a review of financial services regulation, claiming it would be “pointless, costly and irrelevant” and doubles up on existing European Commission work.

This week in Parliament, Chancellor Alistair Darling called on FSA chairman Lord Turner to review regulation regarding potential reforms to liquidity, capital and remuneration structures.

Aifa director general Chris Cummings says all the Gov- ernment’s focus should be on finalising the Crosby review and ensuring that banks get a proper cash injection.

He says: “The review is something for us to do when the storm has abated and it is absolutely essential that it is constructed in association with the European Commission.

“The EC is also doing a review of the failings of financial services regulation and it would be a pointless exercise, costly and verging on irrelevant for the UK to undertake its own review when the commission is treading exactly the same ground.”

Cummings says there is no lack of regulation in the UK although existing regulation has been “misaligned and poorly attuned”.


RDR could hinder sales

If protection sales are included in the retail distribution review, it could hinder sales and increase the existing £2.3tn protection gap, warns Swiss Re Life and Health technical manager Ron Wheatcroft.

The duellists

Jim Reeve chief executive officer, Positive Solutions

“Brown did well to put himself across as the man with the experience to bring back stability. What will be critical is to rebuild consumer confidence in the financial system and prevent money moving to Ireland.”

When life throws you lemmings

“Why the long face?” I asked the managing director of Huxley Epsilon, the self-proclaimed future of financial advice, as I walked into his office. “I mean, of course, beyond the obvious horridness of world markets and the general uncertainty of whether every major bank we’ve ever heard of is, on a day-by-day basis, going to stick, nationalise or fold.”


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