BBA backs Government plans for regulatory reform

by Richard Kilner

Story link: BBA backs Government plans for regulatory reform

The British Bankers’ Association (BBA) has indicated its strong support for reformation of the country’s regulatory institutions to protect against the worst effects of future downturns and financial crises.

The Coalition Government’s plans for a new regulatory structure that takes into account the global economic picture and government policy was welcomed by the BBA, which added that consumer confidence in the new system would be essential.

The BBA also stated that a smooth transition was a necessity, and signalled that it wished to work with the Government to help effect this.

The new regulator must be authoritative, and able to represent the UK’s world-leading financial sector, the organisation continued.

Last year Angela Knight, CEO of the BBA, argued against kneejerk changes to regulation whether in the UK or EU.