Financial Services Sector Hugely Important For The UK

Tue, 23 Jun 2009

The financial services sector is vital to the UK economy and any regulatory changes must take this into account, an industry expert has warned.

Commenting on the proposals included in the Turner Review, John Tattersall, chairman of the UK regulatory practice at PricewaterhouseCoopers, urged any reform in the sector to be carefully planned so it does not damage the nation's competitiveness.

He explained: "The financial services sector is hugely important for the UK and indeed Europe."

"However, in order to maintain its prominence as a key financial centre, supervision of individual banks needs to work hand in glove with informed oversight of the financial system."

Mr Tattersall welcomed the majority of the proposals included in the Turner Review, but pointed out that regulators must be able to put their work into "a systemic context".

Lord Adair Turner, chairman of the Financial Services Authority (FSA), last week called for a debate on whether changes to accounting approaches should be complemented by new rules for the capital regulation of banks .
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