Regulators in sharp words over PIA

A DISPUTE between regulatory chiefs broke out in public yesterday with John Morgan, the chief executive of the Investment Management Regulatory Organisation, accusing Sir Brian Hayes, of the Personal Investment Authority formation committee, of 'false colouring', writes Clare Dobie.

Mr Morgan made his remark at the launch of a consultative document for the PIA, a proposed body which, if formed, will regulate firms selling investments to the public.

Sir Brian, a former civil servant, said only members of PIA would have a hand in drawing up rules.

But Mr Morgan said there was a general duty on regulators to harmonise their rules.

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