FTAdviser.com - Banks and regulation: Darling speaks to FTAdviser
Dear Mr Darling
Regulation as we know it is bust, it is 30s style knee-jerk reactionary regulation and it doesn’t work, how do we know this? Look at the mess around us, there is more evidence than a rational man would need.
Regulation by legislation is flawed, it creates holes where the unregulated activities undertaken by the greedy and unscrupulous impact upon everything else, take mortgages for example.
If a radical overhaul of regulation from the ground up isn’t forthcoming under the current administration we will be repeating ourselves at regular intervals of five or ten years.
As far as learning lessons is concerned how many failures have we seen since the FSA was created in 1985? Society needs balanced regulation, I see none
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