Complacency and alarm
`SIR Kenneth Berrill: alarming level of complacency' was the caption, in the City pages this week, to a picture of the Securities and Investments Board's chair- man. This severe judgment proved, in fact, to be one of Sir Kenneth's, and represents his view of the City as it tries to come into line with his rulebooks and deadlines. Could try harder, thinks Sir Kenneth. The City, for its part, thinks itself sorely tried, and is not pleased to be told by Francis Maude, the junior minister responsible, that it has the system of its own choice and design: 'It is up to the practitioners to ensure that their voices and concerns are heard in the process of regulation', Mr Maude informed the House of Commons. `All the self-regulatory organisations and the SIB are dominated by practitioners.' Well, 'dominated' wouldn't be my word. It is my understanding that the SIB is domin- ated by Sir Kenneth and his team, that the practitioners are hard pressed to get a belated word in edgeways, and that when they do, they are attacked by those sup- posed to represent the consumers' interest with cries of: 'Well, you would say that, wouldn't you?' The practitioners have been reduced to grumbling and lobbying. A good noisy resignation would have served their cause better. I do now, though, expect the grumblers to get their first wish, which is for a change of chair- man. I keep hearing of people who do not want to do it. However, I believe that the search has now broadened, and I am told not to despair.
Previous page
