Duff & Phelps Comment On Dodd-Frank Rollback - Should The City Worry?

Commenting on the Dodd-Frank regulation rollback announced this week.Mark Turner, Managing Director of Compliance and Regulatory Consulting at Duff & Phelps said:

“The push to remove the Dodd-Frank regulations should not cause the City to panic. Regulation should not be ever increasing without check and challenge, and should reflect the changing world. Terminating poorly thought out regulation that could be seen to choke business growth is not the same as allowing a free-for-all that will derail markets.

“The UK has a strong framework of principles based regulation that supports competition, protects customers and takes firm action against wrongdoing by firms and individuals – it is by no means perfect, but we are looked upon as global leaders in this space. Any changes made in the US won’t alter the UK’s reputation as a safe and sound place to do business, and a knee-jerk reaction, or race to the bottom is not the right answer. However, the changes highlight the need for the Government to restore trust in UK plc, including getting to the root cause of failures and changing regulations to ensure robust structures are in place to protect customers and businesses.”