Conservative Shadow Treasury Financial Secretary Mark Hoban has criticised the Government for not doing enough to influence EU financial regulation on both the alternative investment fund managers directive and the appointment of the internal markets commissioner.
Speaking at a Cicero and Conservative Intelligence briefing this week on the Conservative plans for financial sector reform, Hoban said the Government must act earlier to make itself heard on European issues such as the appointment of France’s Michel Barnier as internal markets commissioner.
The Conservatives have made it clear that if they win the next election, they will establish a senior Treasury minister to focus solely on European matters. Hoban is widely tipped as a front-runner for such a role.
On the AIFM directive, Hoban said: ” We were absent from the field. The industry took the lead in critiquing the directive and coming forward with positive proposals. The Treasury rode in rather late in the day rather like the Seventh Cavalry. We have seen it again with Michel Barnier’s appointment as internal markets commissioner.”