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British banking damaged by slow supervisors warns industry report - BusinessWorld Online

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Britain’s regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector’s global competitiveness, industry body TheCityUK said in a report.

THE SUN reflects off a skyscraper in the City of London, near the Royal Exchange and Bank of England, London in this Dec. 2, 2019, photo. — REUTERS

It said The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority were taking steps to speed up authorizations, but further action was needed. “The UK is one of the world’s leading international financial centers, but our competitors are biting at our heels. Complacency is not an option,” TheCityUK Chief Executive Miles Celic said.

“Successfully updating the rules also depends on the referee implementing them in the same spirit and with the same energy,” Mr. Celic said.

 

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