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November 22, 2012


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Bill Holt

Whilst you are right to point out the importance of doing things better, cheaper and faster if we look at the innovation around financial products there is a different perspective to the financial regulator's point.


I'd argue that it's deeper than the tech. Without competition there is little need for innovation. "Why Bother To Be Better? Strategically Stagnant Personal Current Accounts" - http://www.zyen.com/component/content/article.html?id=542/- was written back in 2003 and explored why no competition was rational in UK retail banks. A later 2009 paper, which has held up well in the face of unfolding events since, argued that lack of competition was one of the proximate causes of the financial crises - http://www.zyen.com/PDF/Road%20to%20Long%20Finance.pdf/. I'm not surprised at your regulator's reaction. He's a major part of the problem.
Again, thanks for the daily dose!

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