28 January 2010:
The appointment of Michael Barnier as the EU Internal Market Commissioner has raised concerns that a tough regulatory regime will be imposed on the City, curbing bonuses, restricting the activities of banks and creating a new supervisory framework for private equity and hedge funds. And with the threat of the AIFM Directive looming, the Financial Services industry "needs to engage". That is the considered view of Syed Kamall, one of the Conservative MEPs responsible for reviewing the EU’s proposed regulations and directives in the European Parliament.
Speaking at a Kleinwort Benson Forum, Kamall said the City "needs to engage with Brussels" to influence the regulations and directives which will shape the way in which the Financial Services industry is structured, and the environment in which it is able to operate. If not, other countries will seek regulations that attract financial institutions away from the City.
"For some it is a perception that their voice will not be heard that holds them back, for others the belief that they need to lobby through intermediaries. Neither could be further from the truth. We need the City to engage with both the European Commission and Parliament, if the financial services industry in London wants a successful long term future.
"Right now it’s a mere handful of British MEPs who are trying to hold back a tide of regulation. Many politicians and bureaucrats in the EU have it in for the City of London. If the City does not speak out now, it will find itself cut out."
The Forum with Syed Kamall is the latest in a series of events to which Kleinwort Benson has invited high profile speakers to address their clients, intermediaries and other interested parties. Some of the speakers are political figures and recently have included Dr Vince Cable MP, Liberal Democrat Shadow Chancellor, Julian Brazier MP, Shadow Minister for Shipping and Aviation, and Ian Taylor MP, Chairman of The Conservative Party’s Policy Task-force on Science and Technology.
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Notes to Editors:
About Kleinwort Benson
Kleinwort Benson is one of the most historic names in UK banking with roots dating back to the 1850s. Kleinwort Benson is the brand name of Kleinwort Benson Private Bank Limited (established in 1962 from the merger of Kleinwort Sons & Co and Robert Benson & Co) and its subsidiaries.
It operates from principal offices in London and the Channel Islands with regional offices in Birmingham, Cambridge, Edinburgh, Leeds Manchester, and Newbury.
Kleinwort Benson Private Bank Limited is authorised and regulated by the Financial Services Authority, registered number 119269 and is a member of the London Stock Exchange, APCIMS and the British Bankers Association. Kleinwort Benson Private Bank Limited is a company incorporated in England and Wales with company number 2056420 and VAT number 244733560. Registered Office 30 Gresham StreetLondonEC2V 7PG. Telephone +44 (0) 20 3207 7000. Telephone calls may be recorded.