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Davies says falling markets are no reason for compensation

FSA chairman Howard Davies has described regulation that compensates people for losses as a result of weak equity markets as madness in a speech given last night in the city.

Speaking at the Lord Mayor&#39s City Banquet, Davies also attacked the EU for imposing a “one size fits all approach on European markets” which he said doesn’t reflect the differences between states.

He also said the regulatory system was at a delicate moment, with a serious danger of regulation being increase to levels that will cause long-term damage.

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