The leaders of UK regulator the Financial Services Authority have called for a change to the legal framework, warning a current objective to promote London as a financial centre risks a conflict of interest with its role in ensuring good regulation.

Under the terms of the FSA's charter, established by Parliament in 2000, the regulator is required to "have regard to" the competitiveness of London as a financial centre as one of its secondary goals, or "principles of good regulation", that complement its primary objectives.