'FSA could be replaced with EU mega-regulator'

News Article - 04 December 2007
Category: Regulatory

The UK finance industry could eventually be governed by a European regulator, according to one adviser.

Managing director of Informed Choice Martin Bamford claims the Financial Standards Authority (FSA) should be governed by a mega-regulator to encourage uniform standards, reports IFAOnline.co.uk.

He explained that the FSA has already taken on many proposals and rules from the EU with the introduction of the Markets in Financial Instruments Directive.

"I can only hope the same high standards that we have here in the UK will be met across Europe," Mr Bamford told the news provider.

There are currently some concerns about other countries financial regulations at present, he added.

Mr Bamford's comments follow an announcement by Italian finance minister and former European Central Bank board member Tomasso Padoa-Schioppa that standardised regulations is "urgently needed" in Europe.

Chancellor Alastair Darling will oppose such plans as only minor amendments are needed, according to reports.

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