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Obama’s reform plans undermines G20, says CBI

CBI director general Richard Lambert has hit out at Barack Obama for undermining the G20’s approach for global reform.

Lambert says Obama’s proposals for a Financial Crisis Responsibility Fee and the Volcker rule, are “unilateral” and “vague”.

He said: “The world economy is in a very fragile state. An overtly populist approach of this nature, setting out only vague proposals, is potentially damaging.

“There is a question about the extent to which banks that take retail deposits and are protected by taxpayer guarantees should engage in high risk activities. But there is a lot more work to be done on the Obama proposals before they can be properly assessed.”

Yesterday it was reported that Boris Johnson also has reservations about Obama’s proposals to curb investment banks risky activities.


Herdan: ‘Devastating effects’

Fraud is costing financial services £4bn a year

Fraud costs the UK financial services industry £3.8bn a year, according to estimates from The National Fraud Authority. The overall cost of fraud to the country is over £30bn a year. The data, which the NFA claims is far more comprehensive than the last widely accepted figure of £13bn in 2007, shows that £15.2bn is […]

Status symbols

This is the first of a series of articles that are designed to aid those looking to deepen or refresh their financial advice knowledge as the industry faces up to level four

The sting in the tail

At the risk of becoming a bore, (or even more of one, as a few anonymous fans have suggested), I again find fault with our lords and masters at Canary Wharf. They were everybody’s favourite whipping boy in 2009 and this year looks like being no different. On this occasion, my ire has been raised […]

Tory MEP calls on industry to engage with Brussels

The UK financial services industry needs to engage with Brussels in order to influence the regulations and directives currently being developed, according to Conservative MEP Syed Kamall.


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