The British Banker's Association welcomed the government's planned regulatory changes confirming they would offer "clarity to roles and responsibilities and ensure regulation is effective and efficient."
Banks have already made substantial changes to how they operate and are at the heart of reform, working with government to help shape the nature and pace of change, the BBA said today.
BBA chief executive Angela 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.”
