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Davies slow cure for reform “bungles”


FSA chairman Howard Davies says Europe should be aware of “hasty and bungled” reform of financial regulation.


Speaking in Brussells he said Europe&#39s top priority should be overhauling the legislative framework for the financial services industry.


He said that until there is a common European legal system implementation and enforcement should take place at member state level.


Davies accepted regulation in Europe would have to be “more joined up” in five years time, but argued this would be better done in groups.

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