BusinessCompany NewsOECD commends UK regulation

OECD commends UK regulation

An Organisation for Economic Co-operation and Development report released today commends the work carried out by the Financial Services Authority since its creation in 1997.

Link: FSA to name and shame rule-breakers

The report on regulatory reform in the UK delivered what can only be described as a glowing picture of the state of the UK regulatory environment.

‘The recent, successful major reform of financial services regulation with the creation of a single regulator [the FSA] should help to ensure continuing UK pre-eminence in [the financial services] sector,’ it says.

In order to fund the research the UK government contributed about £50,000 (around a third) to the overall cost of the report. When asked whether this would affect its independence in any way, Rolf Alter of the OECD said that it did not.

He said the OECD is in the process of changing its funding methods. In the past such reports were financed from the OECD budget while in the future they will be done on a full cost recovery basis. In the interim period the country in question helps fund the research.

The report goes on to say the UK ‘has greatly improved its economic performance over the past twenty years’ and that ‘entrepreneurs generally face a better business environment in the UK than in most other OECD countries’.

Despite this the report concedes that there is still an issue with red tape, and that there is dissatisfaction with the volume, complexity and rate of change of legislation.

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