Regulation is hitting UK competitiveness

MORE than a third of executives working in the UK’s financial services sector are worried that the increase in regulation since the financial crisis is harming the country’s competitiveness.

Thirty-six per cent of senior employees said that the Financial Services Authority’s (FSA) regulatory clampdown was a threat to the UK’s ability to compete on the global business stage, according to a survey by recruitment specialists Interim Partners.

Senior executives were also sceptical as to whether the planned shake-up of the regulatory system would help. Forty-one per cent said that replacing the FSA will not lead to better regulatory oversight.