Lord Turner set to announce regulatory changes in UK
Lord Turner, the chairman of the Financial Services Authority (FSA), will this week unveil plans for a major shakeup of the UK financial regulatory system. Early suggestions indicate a severe tightening of regulations regarding the banks, hedge funds and tax havens and co-operation between domestic regulators, international regulators and central banks. In effect Lord Turner is suggesting an early warning system which will allow information to be pooled together and create a detailed picture of economies around the world as well as the overall worldwide economy.
On paper the idea seems a very good and one which could create an early warning system to alert governments to "overheating economies" but there are concerns that regulators around the world may not be as forthcoming with regards to the exchange of data. One problem may be if a particular regulator has issues in a particular area of the market and has been "caught out", would they really wish to share this information with an overseas regulator who could use this to attract more business to their domestic market?
Historically regulators have been fairly lacklustre in the exchange of information between each other and the idea of a worldwide regulator will again cause serious disharmony among governments around the world, each of which would have a slightly different agenda to pursue.
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