Speaking earlier this week, the chairman of the UK's Financial Services Authority, Callum McCarthy acknowledged the regulatory burden being faced by businesses in the United Kingdom, and pledged to move forward with a "principles-based approach" to regulation.
He told those attending a Mansion House meeting that:
"Where it is within the FSA's discretion to do so, we continue to be concerned to reduce regulation where its existence is not matched by its benefits."
The FSA chairman reportedly went on to add that the regulator would be carrying out a cost of regulation survey in early 2006, revealing that it is "acutely aware" of the burden of such expenses.
However, he did stress the benefits for investors of having a well-regulated market, particularly individuals.
"There is a correspondingly greater requirement for regulatory intervention in the retail compared to the wholesale market," he observed.
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