UK: Report calls for new approach to corporate and financial regulation

The report commissioned by the Shadow Chancellor, the Rt Hon John McDonnell MP, on the UK's financial and corporate regulatory architecture, has been published: see here (pdf). The report is highly critical of the current framework and makes various recommendations including the creation of a Business Commission, an umbrella organisation that would oversee and coordinate the activities of sub-Commissions. The sub-Commissions would have responsibility for specific aspects and sectors (e.g., corporate governance; accounting; insolvency). All of the Commissions would have a Supervisory Board formed of citizens and societal stakeholders. A separate Commission would be responsible for enforcement.