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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