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Banks committed to improving regulation - July 28, 2010 The British Bankers' Association said: "The UK's banks are committed to the reform of the regulatory institutions to help ensure the maximum protection for all against future downturns and international crises. "We welcome the government's plans for a regulatory structure which combines analysis of global economic factors and the effects of government policies with clarity on how financial firms should carry out their day-to-day business. Consumer confidence in the new structures will be essential, along with clear-sighted analysis of the many factors affecting the economy. "A smooth transition is vital: there are many international discussions well under way in which the Financial Services Authority currently takes the lead. We will work with the government to ensure a smooth transition to the new regulatory regime, but a priority for us will be to ensure none of the work already underway is lost in the transition. "The new regulator needs to be substantial and authoritative: it needs to be able to represent the UK as the world's financial centre to the many new EU and global bodies being created; and it needs to be able to stand above land-grab arguments between regulators which ultimately help no-one. "In the past two years, the UK has implemented and enacted reforms which in other countries are still only at the discussion stage. In 2009 we were the first country to implement a Banking Act to ensure the orderly winding-down of a failing financial business, and we were also the first to bring the issue of pay and bonuses into statutory regulation. We are already actively involved in the process of change, to provide security and stability for all bank customers." « Go Back

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