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Euro unit chief says we don’t need new rules

The head of the insurance and financial institutions unit at the European Commission has called for better and less financial regulation across Europe.

Speaking at the ABI conference, Karel Van Hulle said better implementation and enforcement of current regulation was required rather than a raft of new legislation.

Van Hulle was speaking ahead of a green paper to be published in May on EU strategies in the aftermath of the financial services action plan.

Treasury director of financial services Clive Maxwell said there was no need for a FSAP part two, although it would be appropriate to have some new legislation at European level.

He said the UK had to look at alternatives to regulation with more scope for competitiveness and better regulation of the regulators. Maxwell said the UK can be a model to the rest of the EC in the areas of corporate governance and insolvency and believed the operational model of the EC will end up close to current UK regulation.

Conservative MEP Jonathan Evans hoped Europe would follow UK best practice and not make UK firms go through a secondary process of regulation. He said: “The European agenda should show a move away from more regulation into more competitiveness. Underlying everything is the interests of the consumer.”

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