Today's announcement from the Bank of England and the Financial Services Authority [FSA] on the future approach to banking supervision is an important step forward, British Bankers' Association [BBA] chief executive, Angela Knight said today.
She said the banking industry was fully supportive of sensible, considered reform and welcomed the opportunity created by the formation of the Prudential Regulation Authority to take forward the lessons we have all learned while retaining good points from the FSA.
She also highlighted the importance for the new body of attracting high calibre staff as supervisors as well as the importance of:
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balancing the regulatory authorities' core statutory objectives;
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ensuring the macro-prudential element of the regulatory toolbox is introduced in an internationally coordinated way;
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accountability and transparency;
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working hard on relationships with other European Union members; and
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engaging effectively with the European Banking Authority and other international bodies.
Mrs Knight said:
"The banking industry in the UK is fully supportive of sensible and considered reform and has already made significant strides in overhauling and enhancing its own working practices. Today's announcement, setting out the authorities' approach to banking supervision in the future, is a welcome step forward offering a real opportunity to progress the lessons we have all learned to create a stronger regulatory framework for the future."
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