In a move dismissed by officials in Brussels as an attempt to set Britain up as the "fall guy", senior French figures said Cameron wanted an "opt out" from EU financial services regulation. (More here http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro?newsfeed=true and there http://www.telegraph.co.uk/finance/financialcrisis/8944323/Euro-summit-rocked-by-row-over-veto-plan.html )

But why is the United Kingdom and the City repeatedly accused of  trying to escape "EU Financial regulations"?
For answers look no further than two recent events in the financial sectors prompting a UK regulator's intervention and a row of compensation for the victims of financial products mis-selling.
(to learn more)

1. BBC News - Banking industry gives up on PPI mis-selling battle
2. BBC News - HSBC faces £40m bill for mis-selling to elderly in care

Incredibly embarrassing for the french officials, in particular for Mr Barnier alias "we don't need an authorisation" (show me u got some - wenker) responsible for EU financial services regulation following a never ended list of bank malpractices and bank products mis-selling leading to a countless number of victims left to cry after their life time savings had evaporated, the shameful IPO retail sale of Natixis shares being just an example. The lack of any regulation and bank malpractice in France and elsewhere in Europe has lead to a very serious situation it was urgent to blame on the City ....