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Don’t kill initiative just for expediency

Lord Adair Turner’s tone following the publication of his 122-page missive on how to save the UK banking system from a second financial Armageddon is reminiscent of a previous holder of his office at the Financial Service Authority.

I’m thinking of former FSA chairman Sir Howard Davis, who savoured the intellectual challenge of the job in the same way. But Sir Howard was a tad more realistic.

Do we really need a pan-European regulatory body and a more prescriptive approach to what we can and cannot do? And does the FSA need a regiment of new commissars to tell firms how to run their businesses?

If what we’ve been experiencing until now has been a light touch, I dread to think what the leaden hand of the FSA will be like.

The achievements of mortgage lenders should not be sacrificed on the altar of political expediency.

Writing in the Sunday Times, Vaclav Klaus, president of the Czech Republic which holds the European Union presidency warned against a solution of the kind the Prime Minister and Lord Turner are advocating.

The crisis, Klaus declared, cannot be solved by restraining human initiative and putting further burdens on businesses. I propose the exact opposite: deregulation, liberalisation, removing barriers and unnecessary obstructive legislation at the European level.

I’ll drink to that but fear the worst.


60 seconds with…Paul Broadhead

What made you jump ship from AHIPP to the BSA?

My move from the Association of Home Information Pack Providers in November 2008 was because there was an opportunity for myself and the Building Societies Association to get back into mortgages and set up a team from scratch.

L&G launches lead service

Legal & General has launched a lead generation service to members of its mortgage network, offering advisers access to prospective clients from external lead suppliers.

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk


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