Winterflood backs LSE on rules change

CITY veteran Brian Winterflood has joined London Stock Exchange (LSE) chief executive Xavier Rolet’s call for the Square Mile to oppose the government’s proposed splitting up of the UK’s share listing regulations.

According to an audience member at a Quoted Companies Alliance (QCA) dinner last Thursday, Winterflood gave an impassioned speech, calling on all those present to make submissions opposing the government’s proposals. These also include the setting up of a companies’ regulator, before the consultation deadline in October.

Insiders said Winterflood, the QCA’s new president, said the City must stay competitive. One told City AM his speech “came across as very impassioned and very supportive of the views held by Xavier Rolet.”

The backing of Winterflood will come as a huge boost to Rolet, who called on City firms to back his opposition to the government’s proposals. Winterflood is a popular member of the City establishment, having worked in London over 50 years and helping to found the QCA in 1992.

Two weeks ago the LSE made clear its opposition to government plans to merge the UKLA and Financial Reporting Council (FRC) arguing the proposals would mean the City would be under-represented at the European Securities and Markets Authority and could mean the current tri-partite authority would simply be replaced with a new equally complex regulatory structure.

“I don’t speak for others but I would say that I would not be surprised if a number of other participants issued similar views to ours,” Rolet told City AM two weeks ago. “I want to encourage them to make their views known. We need a robust response to the consultation.”

The proposals are viewed with suspicion in City circles as business secretary Vince Cable would have ultimate control of an expanded FRC.