Recommendation 198

The sheer persistence of this problem in the face of various government initiatives over the years, suggests that there are significant organisational issues or structural issues or both in UK financial services and the relationship between financial services and the financing of industry. In these circumstances, we are not convinced that such changes in regulation as have been envisaged in evidence to the Committee would, by themselves, bring about reform on the scale required to make a discernible impact on the competitiveness and growth of the economy as a whole.