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Relaxing financial regulations - is it a good thing?

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By (user no longer on site) OP   
over a year ago

So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?

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By *irldnCouple
over a year ago

Brighton

It is a stupid idea fuelled by short term greed and it will end in disaster. Those making these decisions don’t care as they won’t be affected and will be long gone counting their money off shore. It is another grift!

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By *exy_HornyCouple
over a year ago

Leigh

Fairly ambivalent about the bonus issue in isolation, but removing the financial protections is a stupid idea.

Removing the bonus cap AND the financial protections is a very stupid idea.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?"

What has happened in other countries ?

I guess to remain competitive, the UK has to provide similar or better conditions for banks to provide their services especially after brexit.

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By *ustintime69Man
over a year ago

Bristol


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?

What has happened in other countries ?

I guess to remain competitive, the UK has to provide similar or better conditions for banks to provide their services especially after brexit."

Bloomberg have stated that after Brexit London is no longer the financial centre of Europe and the Paris Bourse is now doing higher value trades than London so I guess it depends which side of the fence you sit on as to whether you view it as “freedom” or “desperation” but it looks like the Wild West to me

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By *eroy1000Man
over a year ago

milton keynes


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?

What has happened in other countries ?

I guess to remain competitive, the UK has to provide similar or better conditions for banks to provide their services especially after brexit.

Bloomberg have stated that after Brexit London is no longer the financial centre of Europe and the Paris Bourse is now doing higher value trades than London so I guess it depends which side of the fence you sit on as to whether you view it as “freedom” or “desperation” but it looks like the Wild West to me "

I read a story on the BBC the other week about the paris market overtaking London. It was just about that topic. It turns out that that was short-lived and London has regained the lead. However this news was not a story in its self but contained in a story related to this thread

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By *eroy1000Man
over a year ago

milton keynes


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?"

This is a concern as mistakes should be learnt from. I expect it is highly complicated but did read that some of the safeguards put in place will remain as they cost a lot of money to implement. According to the BBC article the EU are looking into doing the same sort of thing though could take longer

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By *ophieslutTV/TS
over a year ago

Central

It's a myopic decision that tries to forget what has been learned. Brexit has impacted the city but this won't undo that damage. Senior officials should be held accountable.

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By (user no longer on site)
over a year ago

In general, no. It's like not using a seat belt because you haven't crashed in the last year.

If the FCA are rewriting the rules, NO. They are too much of a rear view regulator imo.

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By (user no longer on site)
over a year ago

In order for the UK to be a stronger nation it needs to wean itself of its dependency on the financial sector.

But for the last 12 years its a case of the government pampering to the already rich. Bailing them out in to the tunes of hundreds of billions at government expense. But crying about how many millions it will cost the nation if workers get a inflation matching pay rise.

Mark my word, we will have another financial crisis in next 10 years and the people at the top will walk away Scott free again.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?"

Any form of market control fails. Business is always smarter, faster and ahead of the government bods in admin.

In my work it’s normal to earn 50% 100% or in some cases 500% of salary as annual bonus. Total reward is how you attract & retain the smartest people. No will give you a salary of one million but if you create new markets and grow the company in one year working 10x or 20x harder and smarter you deserve a one million bonus

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By (user no longer on site)
over a year ago


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?

Any form of market control fails. Business is always smarter, faster and ahead of the government bods in admin.

In my work it’s normal to earn 50% 100% or in some cases 500% of salary as annual bonus. Total reward is how you attract & retain the smartest people. No will give you a salary of one million but if you create new markets and grow the company in one year working 10x or 20x harder and smarter you deserve a one million bonus "

My worry with banking is it's part a social service, part a capitalist venture. And the two shouldn't cross.

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By *ackal1Couple
over a year ago

Manchester

[Removed by poster at 10/12/22 17:50:28]

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By *ackal1Couple
over a year ago

Manchester

Business is faster and leaner but mostly out for itself and in general does not put society first.

As for working smarter, for self interest I’ll totally agree, but regarding working harder I’m not convinced about that at all.

I have family in senior banking roles and like most in industry when they were younger they worked long hours to get noticed and get on. As they moved further up the pay scale ( millions per year) they worked less. It’s very easy to have a blinkered view if that’s all you’ve experienced.

Gordon Brown is on record as saying he regrets further de-regulating the banks as that in part helped feed the financial crash. It was going to happen anyway but he oiled the wheels.

It’s all a desperate attempt to boost the city because they know the smart money is slowly moving out. The EU’s recent announcement on derivatives will create further losses for London over the next few years if that plan goes ahead. It could backfire on the EU and the US or Far East could benefit. Either way London will lose out.

As a financial commentator said, London used to be the biggest financial centre in the EU. It’s now the biggest in the UK. If you think about that comment he’s not saying it’s shrunk he’s saying the boundaries have moved or closed and it’s not certain whether London’s financial clout is here for the long term. It’s become a lot less important and therefore less relevant due to Brexit.

The short term attitude of government over the last thirty years has brought us to where we are now. The banking plan is another sticking plaster to try and fix a broken leg.

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By (user no longer on site)
over a year ago

Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"So it has been announced that the tories are looking to relax financial regulations which were designed to prevent the UK from experiencing the same events like in the 2000’s

The tories claim that this is to stimulate growth in the economy, and that these institutions have learned their lesson and should not be held back.

But have these institutions really learned their lesson? Should we maintain these regulations to prevent another financial crisis in the future?

They’ve removed caps on banker bonuses, arguing that this would attract bankers from across the world in taking jobs in the UK. But surely, wouldn’t this just attract the wrong type of banker and lead to us opening up our finance sector to another crisis?

Any form of market control fails. Business is always smarter, faster and ahead of the government bods in admin.

In my work it’s normal to earn 50% 100% or in some cases 500% of salary as annual bonus. Total reward is how you attract & retain the smartest people. No will give you a salary of one million but if you create new markets and grow the company in one year working 10x or 20x harder and smarter you deserve a one million bonus

My worry with banking is it's part a social service, part a capitalist venture. And the two shouldn't cross.

"

Ultimately we have to figure how to do that if we want a good quality free banking systems, health and transport system like other countries. Retail banking is quite separated anyway , these ‘bankers’ help big corporations expand globally etc and do a lot of good in the word. Someone has to do that from somewhere. UK is becoming extremely unattractive as it is , post Brexit , high taxes , poor living conditions more controls = more exodus of skills and further UK decline. Government knows they have to try and stop this

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By *eroy1000Man
over a year ago

milton keynes


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced."

Totally agree that this conservative government needs to be replaced and share your concern over the plans. Apparently this is not unique to the UK as the EU are looking at making the same or similar changes

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By (user no longer on site) OP   
over a year ago


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced.

Totally agree that this conservative government needs to be replaced and share your concern over the plans. Apparently this is not unique to the UK as the EU are looking at making the same or similar changes"

Deregulation just sets up the UK for another fall in the future.

If the financial industry in the UK wants credibility, it should be demonstrating that it’s a safe harbour, rather than racing to the bottom and being seen as riskier place to do business.

Businesses seek stability, investors want confidence that there are mechanisms in place which would protect against financial storms. This would attract international investment because other financial centres cannot offer the same levels of fiscal assurance.

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By *ornLordMan
over a year ago

Wiltshire and London


"It is a stupid idea fuelled by short term greed and it will end in disaster. Those making these decisions don’t care as they won’t be affected and will be long gone counting their money off shore. It is another grift!"

This, 100%.

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By *eroy1000Man
over a year ago

milton keynes


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced.

Totally agree that this conservative government needs to be replaced and share your concern over the plans. Apparently this is not unique to the UK as the EU are looking at making the same or similar changes

Deregulation just sets up the UK for another fall in the future.

If the financial industry in the UK wants credibility, it should be demonstrating that it’s a safe harbour, rather than racing to the bottom and being seen as riskier place to do business.

Businesses seek stability, investors want confidence that there are mechanisms in place which would protect against financial storms. This would attract international investment because other financial centres cannot offer the same levels of fiscal assurance.

"

I agree on the risks and have said this on earlier posts. Apparently some of the safeguards put in place previously were very expensive so they will remain. However as mentioned this deregulation is not a UK only thing as the EU have the same or similar plans. That's what the BBC say, though they don't go into detail

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By *ohnnyTwoNotesMan
over a year ago

golden fields


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced."

Trump did the same in the states. Priming the world for further crash.

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By (user no longer on site)
over a year ago


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced.

Totally agree that this conservative government needs to be replaced and share your concern over the plans. Apparently this is not unique to the UK as the EU are looking at making the same or similar changes

Deregulation just sets up the UK for another fall in the future.

If the financial industry in the UK wants credibility, it should be demonstrating that it’s a safe harbour, rather than racing to the bottom and being seen as riskier place to do business.

Businesses seek stability, investors want confidence that there are mechanisms in place which would protect against financial storms. This would attract international investment because other financial centres cannot offer the same levels of fiscal assurance.

I agree on the risks and have said this on earlier posts. Apparently some of the safeguards put in place previously were very expensive so they will remain. However as mentioned this deregulation is not a UK only thing as the EU have the same or similar plans. That's what the BBC say, though they don't go into detail"
I suspect many are looking at reform. The nature will be different I suspect. And the speed. The EU is slow but generally well debated. The UK... TBC.

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By *ustintime69Man
over a year ago

Bristol

I can’t help thinking that Brexit has just accelerated the decline in British business because why would you choose to do as much business here if you have to do business in Frankfurt or Paris that could previously have been done here with no restrictions apart from the obvious ones like laundering Oligarchs wealth

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By *ackal1Couple
over a year ago

Manchester

And there you have it in a nutshell . Why would anyone restrict themselves to just the U.K. when 22 miles away is a massive market place.

Global Britain ?? The only think that’s Global Britain is the money and asset ownership syphoned away from this country to global tax havens and global investors bank accounts.

Apparently our economy doubled in the last thirty years . Where’s the money?

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By *ackal1Couple
over a year ago

Manchester

Please excuse the typo “ only thing” not think

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By (user no longer on site)
over a year ago

One thing you can guarantee is when it goes shit up again,and it will,the tax payers will bail them out,and it will be the ordinary people of this country who pay the price with more cuts and higher taxes..

It is time this country adopted the same principles that Iceland did by jailing reckless bankers and complicit politicians..

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By *eroy1000Man
over a year ago

milton keynes


"Stupid idea and just goes to show the opportunistic so-called Conservative party needs to be replaced.

Totally agree that this conservative government needs to be replaced and share your concern over the plans. Apparently this is not unique to the UK as the EU are looking at making the same or similar changes

Deregulation just sets up the UK for another fall in the future.

If the financial industry in the UK wants credibility, it should be demonstrating that it’s a safe harbour, rather than racing to the bottom and being seen as riskier place to do business.

Businesses seek stability, investors want confidence that there are mechanisms in place which would protect against financial storms. This would attract international investment because other financial centres cannot offer the same levels of fiscal assurance.

I agree on the risks and have said this on earlier posts. Apparently some of the safeguards put in place previously were very expensive so they will remain. However as mentioned this deregulation is not a UK only thing as the EU have the same or similar plans. That's what the BBC say, though they don't go into detailI suspect many are looking at reform. The nature will be different I suspect. And the speed. The EU is slow but generally well debated. The UK... TBC. "

Are you saying that any changes by the EU will be ok but any changes by the UK won't. Do you mean this UK government or any UK government when you say the UK. I guess these could take a while to pass into law so probably won't happen anyway unless Labour are keen on it

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By *ackal1Couple
over a year ago

Manchester

[Removed by poster at 11/12/22 17:24:18]

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By *ackal1Couple
over a year ago

Manchester


"One thing you can guarantee is when it goes shit up again,and it will,the tax payers will bail them out,and it will be the ordinary people of this country who pay the price with more cuts and higher taxes..

It is time this country adopted the same principles that Iceland did by jailing reckless bankers and complicit politicians.."

The problem is that the option of fleecing the middle and low earners is now not an option as the recent spate of stiles will confirm.

They have nothing left in the tank !

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