Finance: Regulation

House of Lords written question – answered on 3rd July 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government what discussions they plan to have with the Government of the United States about the view expressed by Mr Gary Gensler, the chairman of the US Commodity Futures Trading Commission, that lax regulation of financial services in the United Kingdom was leading to a "London loophole", endangering world financial stability.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Government regularly conduct meetings with a range of officials involved in domestic and international financial services industries, during which matters of mutual interest are discussed.

The Government are committed to reforming and strengthening regulation of financial services in the UK and internationally, including: through the Financial Services Bill currently before the House of Lords; through work to implement the recommendations of the Independent Commission on Banking; and through implementation of the G20 commitments on financial regulation, including the implementation of Basel 3 in Europe.

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