Monday, May 30, 2011

First they came for the slaughterhouses

Paul Tucker, the Bank's Deputy Governor for financial stability, and Hector Sants, chief executive of the Financial Services Authority (FSA) who will become Deputy Governor for prudential regulation, told The Telegraph that the UK's proposed regulatory system risks becoming little more than a local police force applying a one-size-fits-all set of European rules.

They've done it for every other industry they've touched, so why should financial services be any different? And, for all those many years, what help have we had from the industry when, for instance, we were battling against one-size-fits-all rules for slaughterhouses?