HSBC chief warns hasty regulation could create second crisis - papers

clock

Hastily introduced banking industry regulation risks precipitating a second credit crunch and throwing the world's financial system back into crisis, HSBC chief executive Michael Geoghegan has warned.

HSBC chief executive Michael Geoghegan warns hasty regulation could create second financial crisis, writes the Telegraph. New rules requiring banks to hold larger capital reserves, along with regulation forcing financial firms to split their businesses up could have disastrous consequences for the global economy said Mr Geoghegan in a speech yesterday. Speaking to an audience in New York, Mr Geoghegan said their needed to be wider recognition that the global economy was "still strained". "This isn't banks whingeing," said Mr Geoghegan. "It's a real concern. What if we are right and...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Targeted support may 'psychologically backfire' for advisers

Targeted support may 'psychologically backfire' for advisers

Clients ‘react very emotionally’ when categorised

Sahar Nazir
clock 22 May 2024 • 1 min read
Advisers must mediate between generations in wealth transfer planning

Advisers must mediate between generations in wealth transfer planning

Advisers need to work on deeper relationships with clients’ children

Hope Coumbe
clock 21 May 2024 • 1 min read
Financial services industry must do more to offer targeted support

Financial services industry must do more to offer targeted support

Targeted support seen as a crucial part of the advice journey

Sahar Nazir
clock 21 May 2024 • 2 min read