View more on these topics

Minister blasts ‘nightmare of regulation’

New trade and investment minister Lord Jones has hit out at the “nightmare of regulation” affecting businesses in the UK.

Speaking at a trade and industry select committee meeting in London last week, Jones, minister of state at the newly created Department for Business, Enterprise and Regulatory Reform, attacked what he described as the “risk-averse culture” driving increases in regulation.

He said: “Constant fear of blame, compensation and victim is driving people to regulate everything you can think of.”

Prime Minister Gordon Brown appointed the former CBI director general as minister of state for trade promotion and investment but he has refused to join the Labour Party.

He faced hostile questioning from Labour members of the committee but pointed out that Brown had offered him the job and any concerns should be addressed to him.

He refuted allegations that he has described trade unions as irrelevant. “I said they had better get on with the 21st Century,” he said.

He added: “The challenge in reforming regulation is not just saying I am going to do this differently, it is how you actually impose it to make it work. You have got to have some kind of regulation in the industry. What you must not do is go too far so that employers see regulation as a perceived burden.”


Away games are yielding results for UK managers

UK equity funds are increasingly investing outside the domestic market with exposure to China, the US, Canada, Asia and Europe. The trend is particularly noticeable in the UK equity income sector where the Investment Management Association requires 80 per cent to be invested in domestic stocks, leaving the remaining 20 per cent for managers to […]

Cofunds to offer payment choice

Cofunds will offer advisers the choice of being paid by fees, commission or a combination of both from the new year in the next stage of its drive towards offering a full wrap.The platform says the multi-choice payment option will mean advisers no longer have to use a range of platforms for different segments of […]

FSA publishes TCF support and promises dividends if standards improve

The FSA has published guides to help adviser firms improve treating customers fairly standards and promised less scrutiny of firms that prove their TCF credentials.The FSA has today published a paper on TCF culture including examples of good and bad practice and a framework allowing a firm to assess the risk its culture presents in […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment