BBA chief executive Angela Knight told the Securities Industry Conference in London today that global regulatory intentions must be matched with deeds at the G20 summit in Seoul on 11 and 12 November 2010 .
She said: “There is no shortage of ideas, consultations and proposals for regulatory reforms coming not only from our own UK policymakers but also from the EU and other rule makers such as the Basel Committee.
“Each week brings some new proposal or a new spin on an old one. The G20 began well in pulling these initiatives together, but what looked coherent some 18 months ago looks much less so today.”
Knight said that the EU had to make itself part of the international process: “A solution agreed in the EU is not an international solution unless it is agreed also with the other G20 members. We need to look across the Atlantic and east towards Asia to ensure changes are imposed sensibly everywhere.
“If they do not, then the result will be significant difficulties for businesses in Europe and for the many hundreds of thousands of jobs that depend on financial services industry.”
