More intensive regulation is not the answer
“The Banking Commission seems to be ignoring the lessons of history. Tighter regulation over the past 25 years has not created a more ethical climate and it is a serious mistake to respond to the lack of trust in the financial sector with more intensive regulation.
“The accent on competition and the reinforcement of moves towards the principle of bail-in are both welcome. It should always be the case that investors shoulder their share of the cost of misconduct and incompetence. Taxpayers are rightly being taken off the hook. This report can best be described as a mixed bag.”
Notes to editors
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