I agree that most of the regulation as currently set up is not fit for purpose. Companies House and the FSA require complete rationalisation and reform. Let's start with a simple question – what do we want company law to achieve? We want responsible and productive companies to be protected, we want shareholders to have meaningful protection from rogue companies and directors, we want the general public to be protected from scam artists, and we want to instil confidence in our national economy. To take a concrete example, the new regulatory body would have the power to compel rogue companies and directors to produce overdue reports and accounts. What is the point of prosecution, fines and disqualification, when the perpetrators can legally withhold the evidence of their fraud indefinitely?

To summarise, I am asking for the entire body of company law to be reformed from this perspective. This will involve substantial repeal of unnecessary and ineffective legislation, combined with enactment of meaningful and effective laws.

Why is this idea important?

The current recession means we need fewer and better company laws.  Ineffectual, filing type "regulation" is just getting in the way of effective regulation.  We need less red tape and more teeth to be given to the regulators. Effective regulation is needed to protect our economy during recovery.

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