Bank lobby needs 'ground rules' to prevent another crisis

clock

Britain's top bank regulator has called for "ground rules" on lobbying to prevent it destabilising the financial system.

Andrew Bailey, (pictured) Deputy Governor for prudential regulation, called for a crack down on "private lobbying" as he blamed it for contributing to the crash of 2008, the Daily Telegraph reports. "There was great pressure on regulators to back off because we were in good times," he said. His comments followed the outgoing Governor's attack on the banks for putting "tremendous pressure" on both the Prime Minister and the Chancellor. Sir Mervyn King said on Tuesday: "There were certainly calls made to Number 11 and even to Number 10 to try and put pressure on supervisors to modify...

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 Economics / Markets

'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read
Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read