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My experience in this role over the past four years is that there is a wide divergence of views in the City about the role that Europe should play in the regulation of financial services. Several trade associations take the view that there should be a harmonised rule book, for example, but they are also concerned about the pace at which the reforms are progressing and whether a proper process is in place. We have seen that in the way in which the alternative investment fund managers directive has been dealt with. The devil is always in the detail. We need proper scrutiny of these proposals, and people need carefully to think through their impact. The problem is that when others seek to use their political agenda to shape regulation in Europe, it is sometimes to the detriment of our own sector based here in London.
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