Regulatory reform hampering financial product innovation

Industry concerns over unintended consequences of tougher regulation

John Griffith-Jones, FCA

Supervisors and bankers voiced their anxiety over the unintended consequences of regulation at a banking conference in London last week, calling for deeper reflection and cost/benefit analysis of the current framework.

"We have probably become hooked on it," admitted John Griffith-Jones, chairman of the Financial Conduct Authority (FCA), speaking of regulation at the British Bankers' Association's annual banking conference. He argued that a lot of progress had been made in the last two years

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