The Financial Times published an article 10th May 2012 entitled Wariness over EU’s level playing field and it comments on how regulation used to be so relaxed. Recently, the FSA has taken a tough line on regulation and will do so going forward. Many consider, however, there to be an uneven playing field as regulators are approaching the rules differently. This makes it easier in certain circumstances for nations with less stringent regulatory rules. The FSA believes that a fair and open playing field is key.
Some people believe the Brussels drive to introduce directives for standardised regulation may make it more difficult for nations who have less regulations to compete. Jacqui Hatfield, Partner at Reed Smith, commented in the article stating that the directives which include fines for jurisdictions that do not comply “will make it more difficult for member states to compete as a ‘soft jurisdiction'”.