BusinessCompany NewsChief execs hit out at red tape burden

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.

City baffled by money laundering

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.’

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