At a joint event with REFORM think tank, Cicero Consulting, director and chief corporate counsel Iain Anderson, has called for the oversight role of HM Treasury to be enhanced in the new UK regulatory framework.
Anderson said that the Cabinet office reforms to the structure of Whitehall should also be implemented in giving enhanced governance to the new regime.
He said: "This event is taking place at the end of the consultation period on financial regulation, before the shadow authorities are up and running. Therefore it is a good moment to ask the question does the Treasury have the right structures in place in terms of the oversight of the new regime. That means the Maude reforms in Whitehall structure and operation are critical and must apply to UK financial regulatory reform."
Anderson added: "The challenge for the new regulatory system will be to provide effective regulatory oversight without adversely affecting the UK's international competitiveness. The threat to the financial services industry in the UK comes from the regulators in Britain and the EU, rather than from international competition.
"With the rise of rival financial centres such as Singapore this is a critical issue for this country. Cicero is now located in Brussels, Washington and Singapore - as well as London because of this debate."
