After some time at the FSA it would be useful to set out what we have been trying to achieve and what we aim to do. I will give you the big picture, rather than the details.
Wide range of responsibilities One of our problems is the size of our responsibilities. They include:
• International policies – like the new definition of capital requirements for banks (and others) – now painfully being brought to a conclusion by the Basel Committee. This is an academic sounding exercise until you recognise that a banking crisis typically costs a country approaching 20 per cent of GDP;
• Work within a European context on directives covering investment services, prospectuses, market abuse, risk-based capital;
• Policies aimed at preventing financial crime;
• Work to reform the accounting and regulation of insurance, where the package of proposals which go under the banner of the Tiner Reforms represent the most significant advance in at least 20 years, and probably longer;
• Investigating the repeated instances of markets showing signs of insider trading;
• Making the listing process in London easier;
• Preparing for the new mortgage and general insurance responsibilities being given to us, which will bring an extra 20,000 or so firms within our scope.
See full Article, in pdf format.
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