Credit ratings agencies 'should remain independent'
www.moneynews.co.uk > General finance > Credit ratings agencies 'should remain independent'
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Credit ratings agencies 'should remain independent'
Mon 7th Jun 2010
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Chartered financial planner at the company Martin Bamford explained that such organisations have a significant impact on markets and economies, making it key that they are well-regulated.
His comments were made following a statement by the European Commission, which announced its intention to amend rules on credit ratings agencies.
Mr Bamford remarked: "They should remain independent companies, but become subject to better rules on how they assess markets and report their findings."
In his view, investors should be careful not to put too much faith in the ratings handed out by such organisations, since they should only be one consideration for people looking at the markets.
He highlighted how agencies have failed to accurately represent industry positions "in a timely fashion" in the past and could do so again in the future.
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