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New banking regulator PRA to be handed wider powers says Osborne

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Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

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Actually the title realy should be - "Osborne sugnals cimb-down and U-turn on bank regulation"

 

UK finance minister George Osborne will signal a more accommodating tone on regulation at an annual dinner for bankers this Thursday, hosted by The City of London, where he is due to outline how the government will implement the Vickers report.

Osborne is expected to say that prescriptive regulation is not the best way to improve the safety of Britain's banks as he hands powers to the new Prudential Regulation Authority (PRA), which will be run by the Bank of England, to decide how much extra capital the retail arms of banks should hold to safeguard the sector, the paper says.

 

Also, he doesn't say wider powers - he says "new powers". Well of course they must have new powers; what's the use of a new regulator if they have same old powers. However, the old regulator had adequate powers - it is just that they didn't bother to use them.

 

The new regulator can have as many new powers as you want - if it won't use them then it will be business as usual.


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Quite.


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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