Regulators Are Harming UK as a Financial Center, Lawmakers Warn
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Regulators Are Harming UK as a Financial Center, Lawmakers Warn
The House of Lords Financial Services Regulation Committee said officials need to clip the wings of the Financial Ombudsman Service. Foreign firms fear there is a “regulatory penalty attached to investing in the UK’
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A culture of risk aversion and mission creep among UK financial regulators is undermining trust and placing costly burdens on banks and insurers, an influential group of parliamentarians found.
The House of Lords Financial Services Regulation Committee said officials need the clip the wings of the Financial Ombudsman Service, whose awards for motor finance claims have been so large foreign firms fear there is a “regulatory penalty attached to investing in the UK.”
Source: Bloomberg.com | View original article