The FSA should avoid rushing through new regulation and instead work with global regulators to maintain the UK’s competitiveness, says The CityUK chief executive Chris Cummings.
Speaking to Money Marketing after a fringe event, Cummings said regulation needs to be looked at in a global context.
He said: “The UK has a reputation to always want to front-run everything and I sometimes think this does not work to the benefit of UK consumers or UK business.
If we are going to maintain our competitive position around the world, it is important any new regulatory measures are seen with regard to what is happening in North America and Asia, particularly in Singapore and Shanghai.”
Cummings said the global nature of modern business means there is no guarantee that businesses founded in the UK would stay here. He added: “Other parts of the globe want to snatch some of our excellent financial services businesses and we have to make sure that is not at the detriment of the UK.”