Former FSA chief executive John Tiner is to take part in an independent review of regulation commissioned by the Conservative Party.
The review will be led by former head of the Government’s Better Regulation taskforce Sir David Arculus. It will analyse where the current regulatory system goes wrong and how it could be improved.
Shadow Secretary of State for Business Alan Duncan says businesses are suffering from “mentally frustrating and exp-ensive” regulation which is beg-inning to affect the UK’s competitiveness.
He says: “Regulation means one thing to one person and another thing to another person. We need a thorough intellectual reappraisal – what it is, when it is good, when it is bad. We have regulation from the European Union, local government as well as regulators in different sectors. I call it the five-stage horror process. We want to look at how it affects people on the ground who may not be able to seek redress.”
Duncan says Tiner was chosen to take part in the review as he “understands the technicalities of financial services”.