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Should ex-bankers be in charge of future regulations?

As the UK government continues to roll out report after report after report on the UK financial system and the regulatory framework, many are now starting to ask the question, should ex-bankers be setting regulations for the future?

The raft of reports published by the UK government and the UK regulatory authorities seem to indicate there have been problems with the UK financial system for many years. However, these very reports are often produced by ex-bankers who were employed in these times of high remuneration and high bonuses. When you consider that a significant number of these report writers were very high up in the UK financial sector, often chief executives and chairmen of leading financial companies, why do they believe things should be so different to the future compared to their time in the sector?

In many ways it seems that the UK government has brought on board a number of figures that are "sympathetic" to the UK government's cause and likely to write exactly what the authorities want to see. In many ways it is "poacher turned gamekeeper" which does to some extent undermined the various proposals, which all appear to have a fairly common theme.

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