Sir, Caroline Binham writes: “Britain’s financial watchdog is clamping down on investment banks’ “misrepresentation” and league table inflation as part of efforts to stamp out conflicts of interest to ensure clients, particularly small companies, get a fair deal.” “UK regulator clamps down on banks’ moves to manipulate league tables” October 19.
It sounds important and seems correct, but also like a very bad joke. Here is “Britain’s financial watchdog”, one that gladly allows risk weighted capital requirements to be imposed on banks; that which curtails the access to bank credit of small companies, now coming out as a champion for the SMEs. It has got to be kidding, or it has to be dumb. Your choice Sir?