Now, more than ever, financial regulation needs to work for the whole country. Financial businesses or their lobbyists met Treasury ministers nearly 200 times last year. In the same period Treasury ministers met consumer organisations fewer than a dozen times. UK Finance and the Association of British Insurers (banking and insurance lobby groups) were granted ten times more meetings by ministers than Citizens Advice.
This close relationship between politics and finance is as old as banking itself. It is one reason why parliament entrusts financial regulation to independent regulators with clear objectives to maintain the safety and soundness of our financial system and protect consumers, operating transparent processes which help to level the playing field. International organisations like the IMF — and indeed the Treasury