Paul Tucker, the Bank's Deputy Governor for financial stability, and Hector Sants, chief executive of the Financial Services Authority (FSA) who will become Deputy Governor for prudential regulation, told The Telegraph that the UK's proposed regulatory system risks becoming little more than a local police force applying a one-size-fits-all set of European rules.

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When I read "Scared to Death" I thought that was a pretty egregious piece of bureaucracy, this seems much the same.
The shits never learn or maybe that's the point, it's what they intend to make it easier for them & line the pockets of their friends.

Nothing will be changed until we are squeezed so hard that the pips start squeaking. Then things will be changed.

As you say....same old story and as usual either they are as thick as two short planks for not seeing it, or treating us as idiots by pretending they didn't.

Wholeheartedly agree with the post.EU controls will be a disaster as they always are,this kind of thing has to be done at a National level.The UK banks will scream blue murder of course and say they can do business elsewhere where there is less regulation or should I say "laxer" regulation.
Frankly they can sod off then,we dont need that kind of business here and maybe we can then start throwing some taxpayers hard earned cash at worthier industries that will actually produce something as well as provide long term jobs and get us out of the balance of payments hole we are currently stuck in.Id rather that than forever bailing out failed banks at every downturn in our economic cycle.