Governor backs watchdog merger
Thursday 29 February 1996
Eddie George, Governor of the Bank of England, hinted last night that he would favour some mergers between financial regulators to improve consumer protection.
His remarks will be seen as lending the Bank's support to proposals for a single body such as the Securities and Investments Board to take responsibility for the regulation of retail financial products.
Mr George also said it was essential for the quality of people involved in regulation and co-operation between regulators to improve.
Mr George stressed, in a speech to financiers in Edinburgh, that the regulation of financial services was bound to be complex because of the wide variety of financial institutions and products. The only answer, he argued, was close co-operation between different regulators, including those overseas.
However, he added: ''That does not necessarily mean that some further institutional consolidation of the regulatory structure is not worth undertaking.
"There are many ways of skinning this particular cat and it may well be that in some areas consolidation would make co-operation, between some domestic regulators at least, easier to achieve.''
Mr George said yesterday there was a trade-off between protecting investors and the financial system and imposing excessive costs of regulation.
Retail consumers did need special protection, he added. There was ''essentially a social argument for protecting consumers, who necessarily rely upon purportedly expert financial advice and assistance, against being sold a pup.''
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 3 Number of young homeless people in Britain is 'more than three times the official figures'
- 4 Motorists taunt suicidal woman on bridge and tell her to 'get on with it'
- 5 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Number of young homeless people in Britain is 'more than three times the official figures'
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...