Investor attacks regulator for being "hostile to banks"

The head of equities at Barclays' fifth largest shareholder has slammed the UK's financial regulator for being "capricious and hostile to banks".

David Cumming, head of equities at Standard Life Investments, has told Reuters that regulators are responsible for a "lack of stability or consistency" in capital requirements.

From a taxpayer and investors viewpoint this must change. If not funding available for business both large and small will be reduced while funds realised from future government share sales will be materially below the levels achievable if we had a more objective and coherent regulatory policy.

Shares in Barclays have fallen after it has announced a plan to plug its capital hole.