18 November 2009
Policy Chairman comments on financial services bill
Commenting on the government's financial services bill, outlined
in today's (Wednesday 18 November) Queen's speech, the Policy
Chairman at the City of London Corporation Stuart Fraser said:
"The UK financial and professional services industry accepts the
need for better, globally coordinated regulation to ensure that
past failings are not repeated. However, any reforms must be
rigorously assessed and carefully targeted to ensure London's
ability to attract top talent and institutions is not damaged. At
the same time, pay structures need to take into account the normal
practice in other competing financial centres if we are not to risk
hurting the City’s competitiveness in the long-term."
Ends
Press contact
Sanjay Odedra
020 7332 1835
sanjay.odedra@cityoflondon.gov.uk