UK watchdog to tone down approach if banks get in line
Tuesday, October 16, 2012 - 02:01
Oct. 16 - The UK's new chief financial regulator Martin Wheatley says the watchdog may tone down its approach if banks get in line, but that success will be difficult to measure.
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Success in in regulation. And he's a very very difficult thing to measure because in many respects it's the absence of things. It's the absence of bad things happening at the absence of -- setting. And and so in a sense if if we do the job UNC too much. The positive side he's he's we want products that on delivering what people want we want sabres that a saving for their long. We want. Small businesses able to access credit in a way that they struggled with recently. Such that the economy can rebuild. So that the test for us is a complex set of tests on the one hand it's the absence of certain things happening. So we don't want to see insider trading in the market we -- want to see market abuse in the market we don't want to -- -- products launched. But the positive side is we do want to see people saving for the -- We do want to see private individuals -- these companies having access to products having access to credit that allows them to grow that business. The the upper part of my question -- as we move forward in the economy continues to struggle. But what point can you see you regulate is pulling back a little bit toning down. This tough approach that standing behind right now. Well it's a good question look we would like to be able to. Reflect on the fact that firms have put consumers at the heart of the business and the -- was -- getting the right products the right price and then we can turn back. Our approach we -- not seeing that happening when we have to take a phone line and then have to make it quite clear but -- things have to change which is what we have been doing over the last year -- -- You mentioned much and I happen to him as the need not to be fearful. If you doing the right thing a couple of times in your speeches as a a conscious efforts at two toned down that the Hector -- beef be very afraid speech that he made a couple of years ago. When we we we don't want to be that she's tips. So box oratory about what we. -- the industry to be afraid don't know most -- that we just want good outcomes and and so frankly -- our approach is very much focused on Goodell comes.
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