An influential financial trade body has expressed concern about the “one-size-fits-all” approach to global regulation set to be discussed by the G20 governments this week, echoing sentiment from within the UK’s financial services industry, where just one in five workers believe a worldwide initiative can work.

The UK's Association of Private Client Investment Managers and Stockbrokers said in a statement yesterday that private client investment management and stock broking firms should not be treated as banks because they do not act as market makers, liquidity providers, deposit takers or lenders and therefore do not pose systemic risk.