September 25, 2015
Sir, Alessandro Ciravegna was not “the only reader of yesterday’s FT who thought they had bought the wrong newspaper” “Regulators must help dispel the paranoia” September 25. I was much surprised too.
Ciravegna writes “However successful UBS or any other bank may be in beginning to change the climate of paranoia and the culture of risk-avoidance that has now taken hold across the financial services industry, there will be little improvement until regulators and politicians also begin to backtrack.” The sad truth is that to regulators and politicians, until one day ago, we would have needed to add newspapers like FT.
Your “Banking cannot prosper within a culture of fear” editorial of September 24 expresses, though years or decades late, a much-welcomed 180 degrees change of attitude. Let us only hope that change of heart is strong enough, so you can at least live up to one part of your motto.