Financial regulation in the UK is stuck in a 'regulatory spin-cycle' and is quickly forgetting the lessons it learns, according to a report published today.
The Cultural Change in Regulators Report, published by New City Agenda (NCA) and Cass Business School, has warned that regulation and attempted cultural changes imposed since the 2008 financial crisis are quickly being left behind and forgotten. It said: "This new regulation is progressively watered down, not sufficiently enforced or repealed. This lays the foundations for the next crisis. In the past this spin-cycle could take decades. Today it seems to be only a few years before lessons from the past are forgotten." It added: "History teaches us the most crucial thing is not what...
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