Miton's Gray attacks banking regulation

Fund manager Martin Gray has attacked the failure of governments to adequately overhaul financial regulation.

Although central bank leaders raised capital reserve requirements for banks through Basel III, the manager of the Miton Strategic and Special Situations Portfolios believes political desire has not yet been met with enough action. He says: "In the US, the banking industry has managed to successfully lobby the various self-interest congressional and federal committees to water down the original tough proposals. "Basel III looks like it is going a similar way. The ‘brave new world' of high speed technology and complex derivative instruments requires consensus for a very different regula...