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Darling says regulation must not hit innovation

Chancellor Alistair Darling has warned that financial services regulation must not impinge on competition and innovation.

Speaking at the Turner review conference in London last week, Darling told delegates: “Innovation is essential and can be a force for good. We need to harness it for the benefit of consumers and investors.”

Alexander Hall chief operating officer Andy Pratt says: “Good regulation will not kill innovation – just look at the innovative mortgages that came out after M-Day. We will not see much innovation now because the market is suppressed but there are ideas waiting for funding.”

Independent mortgage adviser Graham Kennedy says more regulation might put the brakes on innovation but this is not necessarily negative if it prevents high-risk products.

He says: “The concern is that the FSA has not done enough to tackle areas of risk so far and I am not convinced it will be able to regulate properly.”

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