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From Precy Dumlao, Opalesque Asia

For its 20th anniversary, a CBI/PricewaterhouseCoopers Financial Services Survey interviewed 20 key financial figures to provide their outlook into the UK financial service industry. The report called "The Future of Financial Services," published today, said that London's position as a leading financial services center has not been affected by the recent financial crisis. But the risk of unilateral regulatory policies by the UK authorities and the economic shift towards the east pose two very serious threats, the report said.

In a larger context, those interviewed said that the competitiveness of the UK's financial services sector is more likely to be undermined by the uncertainty surrounding future regulation of the industry than by further aftershocks from the recent crisis.

In terms of asset management, the consensus was that Britain would remain an important center for asset management. However, the EU Alternative Investment Fund Managers (AIFM) Directive poses a threat to London as a European center for hedge funds and private equity funds.

UK competitiveness According to those interviewed, there were more serious threats to London's pre-eminence - including excessive or inappropriate regulation - that could weaken the UK's competitive advantage in financial services. As ICAP's CEO Michael Spencer described it, "What is potentially damaging to London is if the regulatory bur......................

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