Eversheds comment: Governance must apply to regulators as well as City businesses
With mounting pressure to ensure adequate supervision of the regulators in new world of City regulation, Michael Wainwright, partner at Eversheds, comments on the need for accountability both among businesses and the regulatory bodies themselves:
“For future City regulation to be truly robust, there must be proper governance of both the regulators and the companies in their charge. Our research shows that the City is already cynical about the impact of regulatory reform, with two thirds believing that the cost will outweigh the benefits. This is an important area that must be addressed as part of the current reforms.”
A new report from Eversheds, Regulation in the City, which canvassed the views of more than 200 senior level decision makers in the City, reveals a high level of discontent with the current regulators. According to the report, three quarters of senior City executives believe that that the FSA is too focused on micro issues, rather than the important issues such as transparency in the market.
Eversheds LLP and its world wide offices have over 4,500 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 45 international offices in 28 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms.
