Sands warns of over regulation

STANDARD Chartered chief executive Peter Sands yesterday warned global economic growth was under threat of being “stifled” by over-regulation of the finance sector.

Slamming a series of “wildly complicated” and “irrelevant” rules being instituted worldwide, he said over regulation was in direct contradiction to governments’ fiscal and monetary policies that are trying to stimulate growth. Sands’ concerns, aired in his address at the World Economic Forum in Davos yesterday, were echoed by many senior bankers who complained of ongoing “bank bashing”.