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Warning on over-regulation

The Conservatives have argued that London could gain a competitive advantage over the US as a financial centre if the temptation to over-regulate is avoided.

Speaking at fringe meetings, Shadow chief secretary to the Treasury Philip Hammond said he feared the US might switch into over-regulatory mode but that we should not respond in this way in the UK.

Hammond said: “There is every prospect of legislators in the US repeating the error of Sarbanes-Oxley and over-regulating the US. We must not fall into the same trap. There is a real possibility that we can bring in an effective regime which allows London once again to become the preferred place to do business if the US moves into over-regulatory mode which I very much fear.

“It is critical that people in the City who rightly say some of these things are simply the operation of the markets are sensitive to the political environment. We have to show that risk-taking by individuals who stand to make very large amounts of money if they are successful genuinely does involve risk to those individuals.”


Winners and losers

Christmas is still some way away but for Lloyds TSB it came 12 weeks early this year and CEO Eric Daniels must still be pinching himself about the $12bn deal. Whether preliminary discussions began six weeks ago or not, what is not in doubt is that Lloyds emerges from this as a credit crunch winner and regrettably some HBOS staff may emerge as blameless victims.

Adviser Fund Index

The FSA’s decision to temporarily ban the short-selling of certain stocks caught the City by surprise. The ban, imposed with immediate effect from September 18, prohibits the “active creation or increase of net short positions” in over 30 quoted financial companies until January 16, 2009. Investors are also required to disclose positions greater than 0.25 per cent of the ordinary share capital of the affected firms.

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


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