Three out of four financial services practitioners believe that the current system of regulation places too great a burden on the industry and too much weight on consumer interests, reports the Financial Times.

A survey of more than 4,000 companies carried out for the Practitioner Forum of the Financial Services Authority (FSA), showed small organisations were particularly concerned about the weight of regulation. But the survey, by BMRB International also said eight out of nine companies backed strong regulation. The most important priority for regulators, according to chief executives of large institutions and smaller financial advisers, was to take a firm line with companies that break the rules.