Uk To Cut Red Tape In Financial Services

The government must do all it can to reduce the burdens of regulation and administration whilst maintaining high standards of investor protection, treasury minister Angela Knight told a seminar on financial deregulation.

Knight said the financial services industry was vital to the British economy and to London as one of the world's top three financial centres.

The moves were needed in order to maintain and improve the competitiveness of the industry.

An invitation for the financial industry to put forward its views on regulation followed the release on Monday of the second report of the Deregulation Task Force.

This urged cutting existing compliance costs and suggested the government should press financial services regulators to contribute to a net reduction of