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'Reform financial regulation and scrap watchdog'

Published on 20 Apr 2010 under category: legal

New research has found that more than eight in ten businesses believe that financial regulation in the UK needs a serious overhaul.

DLA Piper's survey found that 40 per cent of firms believed that the Financial Services Authority (FSA) should be broken up and replaced with a consumer protection agency.

Sixty per cent of the 545 business figures polled did not think that bankers' bonuses should be regulated.

In addition, cutting back the tax regime was seen as the best way of making the UK more competitive.

Just over two thirds (67 per cent) though that the current tax regime was stifling competition.

The study measures the popularity of each party with businesses, ahead of the election.

Conservative leader David Cameron was considered by over a third (36 per cent) to be the most capable of pulling the UK out of the aftermath of the recession.

Last week, Mr Cameron restated his intentions to scrap the FSA if his party come into power and transfer some of its duties to the Bank of England.


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