AIFA launches consultation on regulation

The trade body explained the paper summarises the recent proposals for reform at a UK level from Lord Turner, Hector Sants, the Government and official Opposition, and sets out proposals from De Larosière and the G20 for EU and global regulatory change.

Chris Cummings, director general of AIFA, said that with ever increasing political and public pressure to reinvent the UK and global regulatory structure, it is inevitable that there will be significant changes to the existing regulatory landscape in the next few years.

He continued: "However, appropriate implementation of existing regulation, and better supervision, can be more effective than new regulatory structures. In themselves new structures do not automatically lead to better outcomes for firms or consumers. This can only be achieved by setting clear regulatory objectives, which are consistent and focused on protecting the consumer, not from his or her poor decisions but from unscrupulous market participants.

"AIFA wishes to see more of the UK public get the best from the financial services industry. We would therefore urge the industry to engage with this debate, and offer their views on the regulatory structure of the future."