Reform in haste, repent at leisure warns UK Treasury Committee

Treasury Committee warns against hasty reform

Clock close to midnight at new year

The UK government’s House of Commons Treasury Committee has responded sceptically to plans to overhaul the UK financial industry regulatory system by 2012.

The Committee notes that the proposals for the UK to move to a ‘twin-peaks’ system with two regulators, the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), by 2012 are “ambitious” and cautions it “is concerned about the risks involved in such an ambitious timetable”.

In a statement, Andrew Tyrie, chair of the

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