James Moore: Some straight-talking sense from Davos

 

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The Independent Online

Outlook Earlier this week I highlighted how, despite constant whining, Britain’s financial services industry is doing rather well under the new, sterner, regulatory regime imposed since the financial crisis. The same is true globally.

So says no less an authority than Deutsche Bank chief executive Anshu Jain. It’s always nice to find oneself in such rarefied company. It’s equally welcome to see someone talking sense at Davos.

It’s just disappointing Mr Jain’s views are not more widely shared.

The Massachusetts senator Liz Warren recently highlighted how clauses written by banking lobbyists that weakened America’s Dodd-Frank reforms had been allowed to get into important spending bills via the back door. It is worth remembering here that while  banks have benefited from more regulation, the rest of us have  benefited even more and so there is a great need for vigilance. There should be no such backsliding on these shores.

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