Banks fully support, and have been working towards, the overhaul of banking regulation in the UK, according to the British Bankers’ Association (BBA), in light of the publication of the Financial Services Bill. The BBA said the bill was an important step forward and that rigorous ground work by parliament and the industry had contributed to proposals which focused on effective, proportionate banking supervision.
BBA chief executive officer (CEO), Angela Knight said: “Banks understand the need for change and have been working closely with government, parliament and regulators to ensure the industry operates in the best interests of the businesses, their shareholders and all their customers. Good financial supervision is not just about structure – decisions taken made by bankers and regulators matter too. It is vital we take this opportunity to build a system where regulation is both effective and responsive to the challenges we face and can also help attract and retain the best and fittest to the ranks of our regulators.”
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