The Confederation of British Industry (CBI) published a report warning that an uncoordinated rash of government policies coupled with Brussels’ regulations is strangling the financial services industry.
In its report: “Financial Services: Promoting a Global Champion” CBI calls for a moratorium on any new regulation and says that 'Brussels complacency' could push Britain's financial services industry off its perch as a world leader.
According to the report financial services companies are being battered by a tidal wave of regulation which threatens to undermine the sector's contribution to the UK economy. ”Companies are being battered by the impact of relentless new regulation”, John Cridland, CBI’s deputy director general, said. “It’s vital that companies are given a substantial breathing space and not another onslaught.”
The result is that management spends time and effort coping with rules rather than managing and investing in its business, the CBI said. The swath of new regulation is diverting investment in IT from the development of better customer services to compliance with new regulation.
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