Finance industry “almost lawless”, says Toscafund

| 25/01/2011

(Reuters): The financial services industry is practically "lawless" and needs better regulation of individuals entering the sector, a partner at Toscafund, one of the UK’s most high-profile hedge fund firms, said on Monday. Savvas Savouri, partner and chief economist at Toscafund, has called for tighter scrutiny despite a wave of recent regulation tackling bank capital requirements and bonuses as lawmakers try to avert a repeat of the credit crisis. "Finance is almost lawless. The nature of regulation is so light touch that it may as well not be there at all," Savouri said at the London School of Economics’ Alternative Investments Conference.

"It (the financial services sector) is like medicine in the 18th century — it’s full of frauds … and is very poorly regulated… You need to be that much better (than your rivals) if you don’t perform underhand or insider trades."

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