In common with many others, I was waiting somewhat nervously to see what immediate and wide-ranging changes would be sparked by Lord Turner's review.
I was relieved to see that the revolution has been put on hold because, at ACCA, we believe that any reforms must be aimed at forestalling potential future crises. Bureaucratic and mechanistic regulation that merely bolts the stable door on past failings is pointless.
The need to look forward makes it essential that a new regulatory regime is thoroughly thought through, is consistent with upcoming G20 deliberations and includes a robust early warning system to try to mitigate the impact of future financial tsunamis.
Governments and regulators have vital breathing space until banks regain their appetite for risk. That has to be sufficient for them to introduce a sustainable and robust regulatory regime that is effective without strangling economic wealth creation.
ACCA is keen to take part in any debates about the future shape of regulation, and we would, of course, welcome your views and input into this vital debate.
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