Banking Reform

Banking Reform

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This report follows on from the Committee's report on the crisis at Northern Rock (5th report, HC 56-I, ISBN 9780215038388) and the lessons to be learned by the Treasury, the Financial Services Authority (FSA) and the Bank of England (the Tripartite authorities). It examines legislative and practical changes that are needed. The overall case for legislative action in the field of banking regulation is compelling but the Government's preparations for new legislation may not be in place by late February 2009. The Committee recommends that the legislation provides: greater clarity about the nature and objective of qheightened supervisionq; an explicit statutory power for the Bank of England to recommend to the FSA that a firm be made subject to the new Special Resolution Regime; a clear institutional separation between the executive functions of the Bank and the non-executive role of the Court of the Bank of England. Practical measures should include: the strengthening FSA's capacity to regulate; the Tripartite authorities must develop a communications strategy to secure public and market confidence in their new powers; and depositor protection arrangements must be developed which will function smoothly and effectively in the event of a bank failure. The Committee makes recommendations on qheightened supervisionq and the Special Resolution Regime, identifies priorities for reform of the Financial Services Compensation Scheme to protect depositors, and sets out proposals for strengthening the Bank of England. The new Tripartite Standing Committee must assume a central and continuing role in the financial stability work of the authorities at all time.National regulators and supervisors should work with market participants to mitigate risks arising from remuneration policies. ... investors, industry representatives and auditors to work together to work together on an ongoing basis to develop principles that should form ... banks and other market participants proposed enhanced periodic reporting of securitisation market data and other relevant information.

Title:Banking Reform
Author: Great Britain. Parliament. House of Commons. Treasury Committee, House of Commons
Publisher:The Stationery Office - 2008-09-01

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