RTTNews - Wednesday, the House of Lords EU Committee welcomed the actions of the European Commission on improving the regulations and strengthening the supervision of financial institutions. But, they were critical of the speed and manner in which the European Commission brought forward the latest proposals regulating alternative fund managers.

Lord Woolmer, who chaired the Committee for this inquiry said, The UK government have appeared to be behind the ball game at times. Getting things done right is now more important than getting things done fast. Woolmer added that the U.K. government should ensure national interest are properly reflected in new regulations or in structural reforms.

Financial services are a key, strategic industry for the U.K. London operates in a global market place as well as in Europe.

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