Bill Cash, MP (23 Sep 08) on regulation

This letter written by Bill Cash is worth holding onto, so here it is for reference:

Letter to the Times (23 Sep 08) on the different ways to regulate.

"Sir, There is one matter that is being overlooked, namely, the importance of self-regulation within the framework of the law. Ultimately, it is up to the directors and those who run the financial companies to behave in a manner that maintains proper standards based on sound principles and, dare one say it, moral rectitude.

It is not by any means a matter exclusively for the Financial Services Authority. We need to see that the City itself throws out the bad apples and blackballs those that transgress, stopping credit lines as required.

Parliament will not solve the problem and may exacerbate it by generating costly bureaucracy that will not fill the moral void here or abroad. Without a sense of fiduciary duty and self-regulating principles along the lines of the Quakers in the 19th century, no amount of legislation in itself will compensate for the greed and incompetence we have witnessed.

The same principles must apply in all professions whether it is finance, law, medicine, accountancy, or whatever — ultimately those who know best how to run the profession must exercise moral responsibility in weeding out bad practices and bad people.

Bill Cash, MP"

London SW1