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Alistair Darling calls for risk regulatory regime

To many people it is a case of too little too late with the UK government now looking to introduce a more robust and firmer regulatory environment for the UK financial sector. Alistair Darling has today suggested that the UK financial sector should be regulated on a risk basis with collective responsibility taken by all in the sector and no blame pinned to any one particular element of the system.

This appears to be an attempt to cover up what is now known as the "light touch paper" regulatory system which has been in place for the last 20 years and which the Labour government has failed to change.

However, the Conservative government does not escape all blame for the current system because the party also encouraged self-regulation with a "light touch paper" regulatory framework. This system has allowed the UK economy, and the financial sector in particular, to expand on the international stage bringing prosperity to the UK economy. Sadly for those who enjoyed relative freedom over the last few years it looks as though there will be a much tighter regulatory framework introduced in the short to medium term as no government can afford to let the current system continue.

While there have been calls for the introduction of a new regulatory authority as well, this would appear a little "over the top" with the FSA having swallowed literally millions upon millions of pounds of UK taxpayers money over the last few years. Changes are imminent at the FSA but quite how the system will work in the future remains to be seen.

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