FSA chairman's warning about conflicts of interest

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FSA chairman Callum McCarthy has warned of potential conflicts of interest if regulators are denied ...

FSA chairman Callum McCarthy has warned of potential conflicts of interest if regulators are denied supervision over firms that are headquartered abroad. There has been lobbying by figures such as European Central Bank executive member Tomasso Padoa-Schioppa for supervisory convergence. There have also been complaints from firms about the burden of having to deal with different rules in the various countries in which they operate. But McCarthy believes the legitimacy of regulators could be undermined if financial institutions were supervised exclusively by their home country. He said: "...

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