Are international banking regulation changes being quietly dropped?
Mervyn King, the Gov of the Bank of England, has today voiced his concern that previous vocal support for wholesale changes to the UK and international banking arena may well be starting to subside. There is a growing concern that as the worldwide economy picks up, as it has been of late, the need to curry favour with the public by pushing ahead with banking regulation changes could begin to diminish.
While many believe that the proposed changes to the UK and the world by banking system, and talk of a Robin Hood tax, are nothing but pandering to public anger against the sector, some experts believe we could witness a credit crunch type recession in the future unless changes are made. There is no doubt that the risk element of the worldwide financial arena has increased over the years with the introduction of new financial tools and new financial vehicles.
Quite how the worldwide authorities will be able to control and maintain the financial sector while also allowing it to grow and push forward the worldwide economy and national economies remains to be seen. The reason the financial sector has grown so much over the last few years is because of the greater risks taken in pursuit of new financial tools and new financial vehicles. If this is taken away, we risk closing the door on the engine room of the worldwide economy?
Share this..
Related stories
Brits fail to set Christmas budgets
Britons are not setting themselves budgets for their Christmas spending levels, despite the threat of the credit crunch expected to hit this year's spending spree.According to new research from Halifax, a third of those polled by the bank said that they did not intend to set themselves limits on what they would be spending this year.While the giving spirit may be welcomed by retailers, it will be...
Read MoreJudge calls for bank charges precedent
British law lacks a precedent on legal cases dealing with bank charges, a judge has warned.District court judge Stephen Gerlis told the Today programme that no appellate court decision has been made on the issue, meaning judges are not bound by a definitive view of the law in this area.The Office of Fair Trading is currently undertaking an investigation into bank charges levied on customers who go...
Read MoreContactless payments increases card purchases by 10%
04/06/2015 Purchases made by cards have increased by 10% thanks to the introduction and popularity of touch and go contactless card technology. The introduction of contactless technology on public transport in London last September has been cited as one of the reasons for the rise. The use of the technology on London buses and trains now accounts for 11% of all contactless transactions, the...
Read MoreFaster Payments 'passes the million mark'
The new Faster Payments service, which offers near-instant money transfers from current accounts, is proving successful according to its operators.Payments association APACS has said that the system passed the million transfers a day mark on September 1st, under three months after its launch.Statistics from the body also show that, currently, 63.5 per cent of total UK internet and phone payments a...
Read MoreTesco Bank customers unable to access accounts
05/02/2015 Tesco’s online banking service has been hit by a computer fault, leaving thousands of customers unable to access their bank accounts. Tesco bank customers trying to access current accounts, savings accounts and loan services have been affected since the problems first occurred on Tuesday. Credit card services have not been affected. Tesco Bank has said that they are “worki...
Read More