Speaking at the Financial Services Authority's annual public meeting last Thursday, the regulator's chairman, Sir Callum McCarthy condemned the EC's failure to submit the markets in financial instruments directive (MiFID) to a proper cost-benefit analysis.
The proposed legislation deals with wide-ranging issues including conflicts of interest and financial promotions, and is likely to significantly increase costs for businesses in the UK.
According to reports, the FSA boss observed that:
"Industry is understandably concerned about the potential scale of these costs and I share those worries. It is far from clear that the benefits to the UK will outweigh the costs."
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