Commenting on the publication of the Banking Commission’s Final Report, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“The Banking Commission seems to be ignoring the lessons of history. Tighter regulation over the past 25 years has not created a more ethical climate and it is a serious mistake to respond to the lack of trust in the financial sector with more intensive regulation.
“The accent on competition and the reinforcement of moves towards the principle of bail-in are both welcome. It should always be the case that investors shoulder their share of the cost of misconduct and incompetence. Taxpayers are rightly being taken off the hook. This report can best be described as a mixed bag.”
Notes to editors
To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Communications Officer on 020 7799 8909 or 07766 221 268.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political par