The chief executive of Standard Chartered Bank has launched a caustic attack on the direction of global regulation and warned of the “real cost” to be “borne by the economy” if proposed regulations are implemented. Peter Sands said that policymakers were “kidding themselves” if they thought higher capital and liquidity requirements would be absorbed by banks and their shareholders. He spoke ahead of an expected government announcement in Wednesday’s Queen’s Speech of plans to grant the UK’s FSA watchdog more power to act against banks that grant high-risk bonuses.