Stakeholders across the EU are very supportive of the new capital markets union being proposed by the European Commission, which they say will unlock capital for business and unlock growth.

Prudential, Britain’s biggest insurer, is reportedly considering moving its headquarters from London to Hong Kong to escape tough new capital rules for European insurers.

FINANCIAL Regulator, Matthew Elderfield, has expressed surprise at the poor resources available to supervise financial institutions and said better regulation would improve the country’s reputation.