In a recent opinion article contributed to the Financial Times, Huw van Steenis, a Vice Chair at Oliver Wyman, argues that Britain’s financial system needs “a wholesale shift in regulatory philosophy” to revive its struggling capital markets.
“A paradox sits at the centre of Britain’s financial system,” Van Steenis writes. “The more tightly regulators have sought to protect investors, the more they have drifted away from the stock market.” Retail equity participation in the UK is now the lowest in the G7, and IPO fundraising has experienced its weakest performance in over 30 years. He contends that in seeking to eliminate risk, UK regulators have “inadvertently stifled opportunity,” leaving capital markets diminished when investment is most needed.
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