In a speech to the Chancellor’s High Level City Group, Tiner said it was wrong that single market decisions had to turn on regulatory considerations rather than on business needs. He added that a single EU regulator for the largest firms was not the answer as it would merely create arguments over whether to have an integrated regulator like the FSA or sector-based regulators.
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Tiner said: “I believe that Europe must be pragmatic in promoting the growth of the single market and fostering the competitiveness of our major companies. It should not become distracted by theoretical, bureaucratic and perhaps partisan discussions about the institutional framework.”
He argued the answer laid in the adoption of a ‘hard lead regulator’, where the supervision of a group would be the responsibility of the home regulator.
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He added: “I would urge the Commission to step back from the patchwork quilt of conduct of business regulations and the mess over home/host responsibilities and seek a coherent solution which firms and, most importantly consumers, will be able to understand.”
Thomas Reeh, chief executive of blackandwhite.co.uk, commented: “Culturally every country is different and the markets are so individual. One size does not fit all across the EU and the only thing that continental Europe has in common is a single currency. I genuinely believe that competition is the best form of regulation in this market.”
