The chairman of the U.K.'s Financial Services Authority Wednesday laid out his recommendations for a "profound" overhaul of the country's regulatory system in a move that could make the U.K.'s famously light touch a thing of the past.
Adair Turner said the regulatory changes would create a banking system that looks very different from that of the past decade and would also involve rigorous oversight of "shadow" banking institutions such as hedge funds.
While Lord Turner also recommended the creation of a new European regulatory authority, at the same time he leaned in favor of stronger national supervisory powers over foreign banks, which could require significant changes to European Union laws.
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