BBA has issued a preliminary response to the Turner Review. It mainly supports the proposals. In particular it stresses:
- the need to apply capital and liquidity changes globally;
- support for allowing “broad-based banking” to continue;
- the proposed ESRC should get wide industry involvement and report directly to European finance ministers; and
- there is scope to improve regulation and regulatory equivalence in Europe and more widely and colleges of supervisors are necessary.
BBA is still working on its response to several of the detailed suggestions in the Review.