BBA, the International Capital Market Association (ICMA), the Building Societies Association (BSA), the Investment Management Association (IMA) and the Association of British Insurers (ABI) have all published their responses to the Government's consultation on building a stronger financial system. Some key themes from the responses are:
- the need for international coordination of macroprudential measures and for the new framework as a whole to fit into European and international plans;
- concerns over the remit of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA);
- accountability of regulators, especially given the increased powers of the Bank of England;
- lack of acknowledgement of the importance of international competitiveness;
- the need for a single authorisation process;
- the risk of confusion between market regulation and retail protection regulation;
- the dangers of product intervention or endorsement;
- the costs of dual regulation; and
- the need for the compensation system to keep up with changes elsewhere in the regulatory system.
(Source: BBA response on financial system, IMA response on financial system, BSA response on financial system, and ABI response on financial system)
