Resources for Sarbanes-Oxley (SOX)

CBI warns against more banking rules

www.ft.com

Government proposals to strengthen bank regulation in the aftermath of the Northern Rock debacle risk damaging the UK financial services sector, the director-general of the CBI, the employers’ body, warned on Thursday night.

Richard Lambert said hurrying through “seismic changes” in the banking system would make the same mistake as the US Sarbanes-Oxley legislation. Pushed through after the collapse of Enron, it had had seriously damaging consequences for the US corporate sector.

Speaking to an audience of City leaders, Mr Lambert said the market had been working in the way it should. It had inflicted the biggest hit on investors – those who bought and held complex financial instruments, and the owners of financial institutions.

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