Levene and regulator clash over City

Lloyd’s chairman Lord Levene has warned the UK government and regulator that they risk undermining the UK financial services competitiveness by focusing too heavily on the problems caused by banks. In response to growing rhetoric about the morals of financial services, with plans to cut bonuses and restricting financial activities, Lord Levene said such talk was “dangerous” and he added that remedial action post financial-crisis should be measured to avoid damage to other sectors, such as insurance.