BusinessCompany NewsBusiness battered by ‘tidal wave’ of rules

Business battered by 'tidal wave' of rules

A 'tidal wave' of regulation is threatening to engulf the financial services sector damaging its 'massive' contribution to the UK economy, warns a new report.

Link: Let’s not go mad for regulation

The study published today by the Confederation of British Industry calls for a moratorium on new regulation. The business group also rounds on Brussels saying it could endanger the leading status of the UK as a financial services centre.

John Cridland, CBI deputy director-general, said: ‘The UK financial services industry is one of the best in the world. It’s a major contributor to UK employment, output and balance of payments, but that is at risk.

‘A robust regulatory environment is essential. Internationally it?s regarded as one of the strengths of UK financial services. But companies are being battered by the impact of relentless new regulation.’

The report Financial services: promoting global champion comes on the back of concern amongst UK business leaders over the growing volume of new legislation, mainly from the European Union.

Giles Murphy, head of the financial services & markets group at Smith & Williamson, said: ‘Within large organisations, there are teams of compliance staff struggling to keep in touch with new regulation coming from various sources. There does not appear to be any consideration given by the issuers of this regulation what other burdens the firms may be under from other government bodies.’

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