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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”.

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