Financial markets should be left to regulate themselves, academics from Cass Business School have argued
In a controversial paper, which states that the coalition's proposals on financial reform will not improve regulation in the UK, professors Professor Philip Booth and Terry Arthur have asked whether the country needs a financial regulator.
In the paper, entitled Does Britain Need a Financial Regulator? the academics suggested the regulation of investment markets, financial products, insurance companies and other financial institutions should be stopped and these sectors should instead be allowed to self-regulate within a framework of limited primary legislation.
See also Does Britain Need a Financial Regulator? by Terry Arthur and Philip Booth