Financial Services Bill

I thought that that error might be made by someone, which is why I took the precaution of bringing the opening page of chapter 32, "Fraud and the City", of my memoirs. I will not read the whole thing, but it begins: ""It might seem surprising at first sight that a Government, and a Chancellor, so committed to deregulation, including financial deregulation, should have spent so much time over, and been so concerned with, financial regulation. Indeed, some have seen it as a tacit admission that financial deregulation went too far. But this is to be confused with words"." Incidentally, this was published in 1992, so we have a lot of benefit of hindsight. It continues: ""Financial deregulation in no way implies the absence of financial regulation for prudential purposes and for the prevention, so far as possible, of fraud. Economic freedom, as much as political freedom, is possible only within the framework of the rule of law"." I went to considerable lengths to improve in the Banking Act 1987 prudential regulation of the financial sector in this country.