It is popular to say, in the financial field, that there was too little regulation.
The photo (of two colleagues) shows the amount of paper generated in a year by the UK's financial regulators in terms of new regulations, amended regulations ro consulations on regulation. Just think how long that would take to read, never mind understand and implement. And also - what good it did.
The problem hasn't been too little regulation, its been too much. And of the wrong kind. The mass of paper stopped regulators and firms from focusing on the real issues, but gave the impression of action. Bit like most of the Government's initiatives, really.
2 comments:
Is there a special FSA Committee that decides what colour bow to use to tie up the year's regulations? If so I think it is showing a decidedly left-wing leaning.
It wasn't actually FSA that ied the bow: I suspect they are a bit embarassed by it all.
For some reason, the package was put together on Valentine's day (or closely thereafter). Hence the romantic touch.
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