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Regulators can't please everyone, says FSA chair

Geoff Karran

Response to company director criticism

Regulators can't please everyone says the chairman of the Financial Services Authority.

Geoff Karran says the Authority faces a difficult challenge in finding the right balance between following international rules and regulations and satisfying licence holders.

He spoke to Manx Radio after giving evidence to a Tynwald select committee tasked with reviewing economic policy.

Rod Leonard, the director of a local financial services company, had criticised costs incurred by 'over-regulation' on the Island, saying they 'devastate' some Island businesses.

Mr Karran says regulation is often a thankless task:

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