Regulators in revolt over 'duplication of effort'
Thursday 18 May 1995
The attack on the board from the Securities and Futures Authority and the Investment Management Regulatory Organisation (Imro) is the most damaging yet faced by the regulator.
The row was fuelled by a speech last night by Christopher Sharples, chairman of the authority, at his members' annual dinner.
Mr Sharples told guests that he agreed with some comments from Labour's City spokesman, Alistair Darling, about the difficulties of making the present regulatory system work.
At present, regulators such as the SFA or Imro are responsible to the Securities and Investments Board. In turn, the SIB answers to the Treasury. But Mr Sharples said this system was "propagating a situation where genuine accountability is being replaced by regulation of regulation and buckpassing".
"Duplication of effort becomes the norm, reactions to new developments slow down, confusion is created in the minds of overseas counterparts, regulatory costs compound," Mr Sharples said.
The focus should be to strengthen the front-line watchdogs such as the authority , but uniting all regulators in one body, as Mr Darling had proposed, would be counter-productive. A single agency would be less flexible, less pragmatic, slower to respond and "unable to distinguish between totally different philosophies needed for dealing with wholesale markets at one end and packaged products at the other."
The answer lay in reducing duplication of effort and costs. If the three tiers of regulation were to remain their roles had to be delineated more clearly.
Mr Sharples declined to comment further on his speech. A similar view was expressed last night by Phillip Thorpe, chief executive of Imro. He said: "I am concerned. Although we have a good relationship with SIB, I think it does at times stand in the way of full accountability."
The Securities and Investments Board said: "It is not really possible to comment about a speech which we have not been able to study first."
Board creates magnetic field to achieve lift
Singer says the track was 'force-fed down people's throats'
Endangered species spotted in a creek in the Qinling mountains
Company says data is only collected under 'temporary' identities that are discarded every 15 minutes
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
George Lucas criticises the major Hollywood film studios
Some experiencing postnatal depression don't realise there is a problem. What can be done?
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake report claiming street artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Banksy arrest hoax: Internet duped by fake report claiming street artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
iJobs Money & Business
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...