Proposal by EU is hypocrisy
The authors of European Union regulations must be extremely thick skinned or totally stupid. John Tiner, chief executive of the Financial Services Authority, wonders if the legislators in Brussels properly think out the market it is seeking to address, the costs it will impose on businesses and customers, and the broader market impact.
They have never attempted such considerations before, why start now?
Solvency II is due to hit the streets by the end of the decade and drag the financial industry into the 21st century.
The new rules will make it simpler for customers, regulators and analysts to understand companies' balance sheets.
This is astounding hypocrisy from an institution which has lacked either the brains or the bravery, to produce a recognisable balance sheet for the last 11 years. Britain is a major financial contributor to the European Union and such farcical situations could not be sustained without our money. I find it strange that there is just one political party in the UK which has the solution to this problem.
Bob Wydell, Oswestry
