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Excessive regulation risks damaging economic recovery, says BBA

The British Bankers’ Association has warned Chancellor George Osborne the economic recovery could be hampered if the UK moves too far ahead of the international consensus on banking reform.

BBA chairman Marcus Agius has written to Osborne warning him that the tendency of the UK rule makers to add to EU decisions will tip the balance in favour of other financial centres.

In the letter, Agius says: “There has been considerable concern shown by the industry that this country is applying these requirements in a manner that is super equivalent in the UK and so resulting in a non-level playing field, particularly with those countries with which we compete most critically.

“This is most notable when the UK applies additional requirements to the agreed standards, when it implements them earlier than others, and when it does not use the flexibility the standards permit or not in a matter reflected elsewhere.”

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  1. Regulation is like tying someone up whilst expecting them to run as fast as they can and when they fall over you tie them up some more.

    Regulation is NOT the only way to solve some of the problems we have but sadly it is the only one being used by a regulator who are out of control, answereable to no one and who require more and more money to keep them spewing out more and more regulatory drivel.

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