BoE speaks on financial sector reform

Chris Salmon spoke on three principles for successful financial sector reform. He said these are:

• managing the costs of change by having a long transition period, rather than watering down the reform to achieve it quickly;
• strong dialogue between authorities so there is a consistent approach; and
• building in mechanisms to amend, recalibrate or adjust rules as future developments demand.

(Source: Three Principles for Successful Financial Sector Reform)