Rob Moulton, Partner at city law firm Nabarro, and a financial services expert, offers these comments based on what the Chancellor is expected to be saying in his Mansion House address tonight
17 June 2009
“We understand that the Chancellor in his Mansion House speech (which is embargoed until he has sat down) will say that the blame for the banking crisis lies within the board rooms of the banks. But the Chancellor appears to suggest no proposals to improve the standards of banking boards. It is surprising that he has not taken this opportunity to say how he plans to change the culture - and presumably change some of the directors too.
“Darling seemingly dismisses the influential de Larosiere proposals to reforming EU regulation as a "a good starting point for debate" whereas Brussels thinks de Larosiere is not really up for debate, it is the blueprint for change.
“The hedge, private equity and property funds industry will be disappointed the Chancellor has not taken this opportunity to attack the new proposed Alternative Investment Fund Managers Directive, and say he will battle for Britain on this one. There is a fear that the UK is in a political vacuum and unable to argue effectively against such badly thought out legislation in Brussels. The Chancellor could have calmed that fear today, but he has failed to do so. Let us hope he is prepared to argue the point in Brussels soon.”
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