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Eversheds comment: Misguided amendment to UK Banking Reform Bill

  • United Kingdom

    27-11-2013

    Commenting on an amendment added to the UK Banking Reform Bill, Greg Brandman, partner and banking regulation expert at global law firm Eversheds, says:

    “This is a misguided and ill-informed amendment to the Banking Reform Bill. It will considerably increase the regulatory burden on financial institutions and on the regulators without achieving any significant improvement in standards. The gateway for approval to hold a controlled function is already policed by the FCA and the PRA and is already subject to an assessment of the candidate’s competence. I struggle to understand what more will be achieved by introducing an annual check, except to impose a further burden on banks that are already struggling to cope with the quantity of new regulation that has been imposed in recent years.”

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