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Loan Protection: Barclays chief calls for global regulation

Financial regulations should be global to ensure no bank is at a competitive disadvantage, according to incoming Barclays chief executive Bob Diamond.

Speaking at the Confederation of British Industry annual conference, Mr Diamond claimed British firms such as Barclays, Standard Chartered and HSBC would all suffer if new rulings only affected them and not their direct rivals.

He said: "[Banks] need regulation that's consistent on a global basis that allows a level playing field to compete fairly, and that's true whether it comes to taxation, compensation or business model."

His comments follow Chancellor George Osborne's confirmation last week (October 20th) that UK lenders will be subject to a new banking levy.

Mr Diamond also added that UK high-street banks would suffer if they were forced to separate their retail and investment divisions, a topic which is subject to review from an independent commission.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800156331-ADNFCR

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