Commenting on the Queen’s Speech, BBA said it would work with the Government to develop the new Financial Services Regulation Bill and to ensure transitions between regulators did not disrupt the financial system. It also called on the new Government to assess the cost and speed of regulatory changes made recently. Responding to the Commission Communication on bank resolution funds, BBA said each country should take responsibility for the failure of one of its own banks as the UK has done under the Banking Act. It agrees taxpayers should not suffer the burden of payouts. It says it is essential for each country to take its own actions, and not try to implement a pan-European fund.