Prince defends City regulation
By Andrew Edgecliffe-Johnson in Davos
Published: January 30 2009 02:00 | Last updated: January 30 2009 02:00
Bernard Madoff's alleged $50bn (£34.9bn) fraud could not have happened in London, according to Prince Andrew, who claimed yesterday that the UK's system of "principles-based" regulation was not broken.
"Madoff couldn't happen in London. It could never get to that scale," the Duke of York told the Financial Times at the World Economic Forum in Davos. The fact the UK had avoided the more rules-based US system meant that while fraud could still happen, "we would have bowled something like that a lot earlier".
Prince Andrew, who serves as the UK's special rep-resentative for international trade and industry, said the City of London was well regulated, in spite of the financial crisis.
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