LONDON (Reuters) – The head of one of Europe’s largest asset managers called for global regulators to ban cryptoassets on Tuesday, scorning them for wiping out people’s savings.

“You should outlaw it”, Allianz Global Investors Chief Executive Andreas Utermann said during a panel discussion in London.

“I am personally surprised that regulators haven’t stepped in harder.”

Utermann made the comments sitting next to Andrew Bailey, the head of Britain’s Financial Conduct Authority. Bailey responded saying “that’s quite strong actually!” before adding there was “no intrinsic value” in cryptoassets.

“We are watching that very closely.” Authorities also had crypto coin offerings (ICOs), which firms have used as an alternative way to raise funding, under surveillence too, Bailey said.