Chief execs hit out at red tape burden
A new survey of chief executives working in the financial services industry has found that the red tape burden has grown substantially over the last three years.
A report conducted into the performance of the chief city watchdog, the Financial Services Authority, has found that nearly half of CEs thought that regulatory costs had become a burden, compared to just 35% in 1999.
The FSA also came in for criticism over the lack of guidance given to companies since it received its powers a year ago. And it came under fire for the complexity of the regulations handbook.
The FT quoted Donald Brydon, chairman of the Financial Services Practitioner panel as saying: ‘Overall the creation of a single regulator is viewed as beneficial, but there are a number of amber lights and we hope this informs the FSA about what they need to do about it.’