The British Bankers Association warns FSA
The British Bankers Association (BBA) has this evening delivered a warning to the Financial Services Authority (FSA) that proposed regulation changes for the future could well stifle competition and liquidity in the UK banking sector. While there is no doubt that the regulators and the UK government are looking to take more of a hands-on role with regards to the UK banking sector there are concerns that they may move too far in the "safe" direction.
The very fact that the UK banking industry has mushroomed over the last 20 years, now taking in all areas of the world, is testament to the intuition and skill of past UK banking experts. While there is no doubt that the last two years have been very difficult for the sector, there is a fear that all of the goodwill and intelligence built up over the last 50 years or so could well be trampled upon and forgotten.
It seems almost inevitable that we will see a less active period in the history of the UK banking sector over the next few years but historically London has been central to the financial world and needs to continue to grow to retain his position. Will the UK government think again or are we now in politically correct and general election mode?
Share this..
Related stories
Rising Bank Penalties causes concern over Consumer Awareness
Customers of banks within the UK have seen a sharp rise in the amount they are paying out in penalties for accidental mistakes. The total figure over the past 12 months has risen to £650m paid in penalties, according to research conducted by finance management service, OnTrees. Almost two million consumers have incurred fees ‘accidentally’, by making late payments or using an unauthorised...
Read MoreCan Scotland survive as an independent nation?
When the Scottish National Party took a minority government to the Scottish parliament many people were hailing a significant change in the political direction of Scotland with the party receiving record backing. However, slowly but surely we have seen Alex Salmond's government start to unravel and come under increasing pressure to deliver the goods rather than talk the talk. A number of pivotal p...
Read MoreWhen will the small business market improve in the UK?
The UK has always been a country which has developed and nurtured literally millions of small businesses over the years. However, the credit crunch and the following recession have severely limited the amount of credit available to small business entrepreneurs in the UK and we have seen a collapse in many ultimately viable businesses purely and simply because of cash flow and finance issues. So wh...
Read MoreHow would life be under an EU regulator?
As the EU looks to grab more and more power from the London financial markets many people are now starting to wonder exactly what life would be like under an EU regulator. The fact that people are actually beginning to wonder about the future should start alarm bells ringing within the UK government, the UK financial sector and UK regulators.
As we have mentioned in one of our earli...
Who Will Follow Rachael Lomax?
While it seems certain that Rachael Lomax will leave her position as Deputy Governor of the bank of England in a matter of weeks, it is not certain who will be replacing her. The Times newspaper believe that the race has become something of a two horse race between Charles Bean and Paul Tucker, who both currently hold positions within the Bank of England set-up. Paul Tucker is currently the ex...
Read More