Comment On The Fair And Effective Markets Review (FEMR) By Professor Mark Taylor, Dean of Warwick Business School

Commenting on the Fair and Effective Markets Review (FEMR) due to be published today (June 10) Professor Mark Taylor, Dean of Warwick Business School,said: “The reputation of the UK’s financial services industry is vital to the UK economy as it makes up eight per cent of the country’s GDP and more than a fifth of London’s.

“The changes to the regulatory framework proposed by the FEMR will, I believe, go a long way to restoring the City’s reputation for integrity and an effective and efficient location for financial organisations to do business.

“It has been disturbing to see that despite the billions of pounds in fines paid over recent scandals that no senior manager has faced criminal proceedings. For the culture of the financial services industry to change a threat of sanctions on individuals must be imposed and I am glad to see the FEMR recommending such moves. We need fund managers and traders to think of their role for society rather than their wallet, after all what they do affects all our pensions and millions of people’s livelihoods.

“I hope that the new market standards body and regulatory framework will be something that the rest of the financial world looks to use as well, as this is a global industry and it needs global regulations.”