Lord Turner calls for cross-border regulatory cooperation
In a sign of the times, FSA chairman Lord Turner has today demanded closer cross-border regulatory cooperation as a way to control the worldwide banking sector which has more power than any other industry on the planet. Historically, cooperation between overseas regulators has been very sporadic with the parties involved often wishing to keep sensitive information to themselves and often unwilling to share with others.
Whether Lord Turner's call today will be enough to push forward with closer cooperation in the short, medium and longer term is open to debate, because there are many hurdles to jump in the short term. At a time when the financial sector has become a worldwide leader there is most certainly a requirement for further regulatory cover but how this will happen and who will control it remains to be seen. It would seem inconceivable that the SEC in America, or any other regulatory body around the world, would be willing to give up local control to an overseas counterpart?
Despite the fact that all regulator should be working together, there is still an ego factor amongst the major regulators around the world which could well hold back closer cooperation in the foreseeable future.
Share this..
Related stories
Budget Headlines : Trade credit insurance to be matched by authorities
Trade credit insurance to be matched by authorities...
Read MoreLord Mandelson criticises Magna takeover
In a surprise development regarding the sale of GM Europe to Canadian group Magna, UK business secretary Lord Mandelson has today written to the European Union Competition Commissioner questioning the use of state aid to finance the offer. The European Union Competition Commissioner has responded with a confirmation that they are already looking into the situation and the contact from Lord Mandels...
Read MoreLondon stock exchange feeling the competition
The London stock exchange has today announced pre-tax profits for the six months to the end of September. The figures have come in at £79.4 million with a significant £13.6 million hit taken with regards to exceptional costs relating primarily to job cuts. However, there was also a 9% fall in revenue to £310.9 million and the company has admitted it is feeling the pinch as competition increases...
Read MoreAlistair Darling plays down the impact of G20 agreement
In a move which is deliberately meant to downgrade the hopes of the UK population, Alistair Darling has tonight suggested that the $1.1 trillion G20 rescue package would not immediately impact upon the UK economy. In direct contrast to Gordon Brown's trumpets and fanfare earlier in the week it appears that Alistair Darling is bringing a more sober mood to the UK economy.
This is yet...
Are We Heading For A Summer Of Discontent?
Hot on the trail of news that NHS workers have voted to strike over an 8% three year pay deal, it looks as though Gordon Brown and the Labour Party are in for a summer of discontent. Over the last few months we have seen an array of civil servants take strike action, oil workers refuse to work because of pension fund arrangements and serious grumblings within the Police force when a pay deal was...
Read More