BBA has responded to Treasury's White Paper on financial markets reform. It stresses the importance of assessing the cost of reforms. Banks welcomed most of the proposals, although many had hoped for a single regulator for credit. Their other major reservation was on the need for a pre-funded deposit protection scheme. Other elements of the response stressed:
- clear allocation of responsibilities between the Tripartite authorities and within the Council for Financial Stability;
- support for strengthening market discipline and issues around systemically important firms; and
- worries over some EU proposals, specifically the AIFMD.