BBA Optimistic Over IBC Appointment and Regulatory Clarity
Sir John Vickers has been appointed to the Independent Banking Commission (IBC), a move that has been welcomed by the British Bankers’ Association (BBA), who have stated that banks are fully committed to regulatory reform and to working with the IBC to ensure control of the banking industry is effective.
BBA chief executive, Angela Knight, said: “We welcome Sir John Vickers to his post heading up the Independent Banking Commission at this critical time for the banking industry and global economic recovery.
“We are facing unprecedented change and the work of the Independent Banking Commission will play a key role in reshaping the structure of banking regulation in the UK. The industry also looks forward to working with Sir John to ensure change is implemented efficiently and effectively and that transition between regulatory authorities does not cause disruption to the financial system.
“We will work with the government on this and all other banking and business issues. The UK has moved further and faster than other major economies on banking reform. We urge the government to ensure all changes take account of the international reform agenda.”
In addition, the BBA has also welcomed moves towards regulatory clarity, stating it supports moves to strengthen and streamline the system, give clarity to roles and responsibilities and ensure regulation is effective and efficient.
Knight said: “The industry welcomes the Chancellor’s moves to strengthen the system of banking regulation and to make it clearer and more effective. The industry will work with the government to ensure transition between regulatory authorities does not cause disruption to the financial system and is implemented swiftly and well. The UK, and its banks, has already moved further and faster than other major economies on banking reform.”