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tough talk on financial regulation from hector sants June 24, 2010

Posted by Bradley in : financial regulation , trackback

After the announcement that the UK’s financial regulatory system is to be reorganized (again), Hector Sants responded forcefully today:

We will not be deflected from delivering much needed policy reforms such as the Retail Distribution Review (RDR). Furthermore, firms should recognise that our intensive supervisory approach will continue into the new organisational framework.
… we are entering a period of substantial change in the European regulatory environment and it is vitally important that the UK fully engages with these changes. We must recognise that going forward, particularly in respect of supervision, the national entities will increasingly become an arm of European policy and thus, effective engagement with the European agencies is absolutely critical.
.. no doubt as we move out of this crisis there will be calls for regulators to revert to light touch regulation, and senior management will be less willing to listen to a regulator who could be seen to be ‘second guessing’ management. When this happens it is vitally important that regulators stand their ground and continue to be proactive, but this will require that they are supported by government and society as a whole.

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