Banks support call for greater co-ordination

Financial regulation needs to be better co-ordinated to maintain the UK’s premier position in the international financial services market the British Banker’s Association said today.

The BBA was echoing the recommendations in today’s National Audit Office report into the Financial Services Authority which highlighted the need to improve how the FSA and other regulators dovetail their operations.

The BBA also welcomed a number of the NAO’s other recommendations that the FSA should:

Put greater emphasis on tackling the competitive threats facing the UK financial services market by involving more top level staff on international issues;

Improve the calibre of the staff and training of staff so that everyone comes up to the standards of the best; and

Continue to improve the way it uses its resources – through promising initiatives such as its new dedicated Financial Crime and Intelligence Division - to help tackle financial crime.

Chief Executive Angela Knight CBE said: “UK financial services are an international success story bringing jobs and prosperity to Britain. Although the Financial Services Authority is a single regulator from the perspective of our retail members there are other bodies and codes which impact on them.

“The British Bankers’ Association welcomes the National Audit Office’s conclusion that there needs to be a more streamlined approach where the regulators co-operate and dovetail their action so the UK can continue to prosper and respond to the challenges from overseas competitors.”