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Minister Jones attacks UK regulatory culture

New Government minister Lord Digby Jones has hit out at the “nightmare of regulation” affecting businesses in the UK.

Speaking at a trade and industry committee meeting yesterday, Jones attacked what he described as the “risk adverse culture” that is driving increases in regulation.

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

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 the trade unions as irrelevant in the past. “I said they had better get on with the 21st Century,” he said.

Jones said: “The challenge in reforming regulation is not just saying I’m 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”.


Sants assumes control

Hector Sants was last week unveiled as the new FSA chief executive taking over at a time when a dramatic overhaul of the retail financial services landscape is top priority.

The sum of parts

Continuing to look at offshore roll-up funds with a practical example of how gains are calculated on part-encashment.


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