Enterprise adviser to the prime minister Lord David Young says he is “fed up” with the FSA and will review the impact of its regulations on small businesses.
Delivering the Conservative policy forum annual lecture at the Conservative conference in Birmingham this week, Young said financial regulation could be scaled down in the same way as health and safety laws.
In 2010, prime minister David Cameron tasked Young with reducing the number of health and safety laws.
Responding to a question from the audience, the former cabinet minister said there is a specific issue with financial services regulation impacting on small businesses.
He said: “Unfortunately we need a certain amount of regulation because people will abuse their situation. When sophisticated individuals are dealing with unsophisticated investors we need rules. But I am sorry the current regulation is bad and we will have a look at it.
“Health and safety laws were difficult but I had a look at them two years ago and it is far less difficult today. I appreciate what you are saying, I am a bit fed up with the FSA and will have a look at it.”