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Message to UK bank regulator: "Be afraid"

Wednesday, Sep 05, 2012 - 02:03

Sept. 5 - Critics warn that light touch regulation won't work, and that the FCA has 18 months to push through much needed changes in the financial sector.

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We don't do something definitive we have taken a number of enforcement actions against what we consider to be very cool structures and we publicize those we want people to read those. Decisions so that they understand. Where we will enforce. We also acting out some broad principles. If we think give a year eighteen months time that the industry has not cleaned up its act then we will revisited in the much more intrusive way. But I think we have to give the industry the ability to respond and I agree you may say this can happen 1020 years and we are we putting renewed focus on this thing because that hasn't existed -- Tomorrow Martin Lewis do you. Have faith that this will be revisited and more intrusive way and a year from now if nothing has been achieved. I wouldn't say who will probe the sense that I'm getting so far is that the effigies of the FCA going forward -- different to the long so the -- fast I was hot in the pops. And I think that we have to be fat and get some transition time for not. The problems -- days when we talk about should the FC I -- more pop I don't believe the FSA was lacking power to deal with these type of issues I think it was just blocking the bill will. To do side. That being the energy and results of psychosis like we have this in that light touch regulation going on and it did they did but they trucked across it into coaching the finance products. I mean. But the important point is the man himself is sitting next to me has just stood up and made to speeches these. Ortiz had on the line I'm standing next to him and I reached mainstream I -- -- -- -- That we will go to I've heard you say and I believe it but if you don't do it in two years' time we will come after you cannot. But it is very important. It's important he's made that commitment count it and you. Personal committee yesterday this Manchester invite me hit a day so I think that's something. I feel like come on the on the receiving end is going to be afraid to speak -- Before that that was supposed to to stand up front about that. -- so it's always good results being sent by the right what.

Message to UK bank regulator: "Be afraid"

Wednesday, Sep 05, 2012 - 02:03

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