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BBA challenges FSA’s response to banking crisis

The British Bankers’ Association has written to the FSA with concerns that its response to the banking crisis will not achieve a balance between financial stability and banks’ support for the broader economy.

Today BBA chief executive Angela Knight sent a letter to FSA chief executive Hector Sants saying there is a “critical need” to go further in modelling the impact of the measures proposed in the Turner review.

Knight says the FSA has given “insufficient attention” to the impact that raising capital and liquidity requirements will have in the industry.

Knight says: “The British Bankers’ Association’s key message to the FSA on its plans for future banking regulation is that much more needs to be done to work out the impact of the measures it is proposing.

“The banking industry is fully supportive of the need to change and overhaul the regulatory framework. But we do not believe the UK can plough ahead with change all on its own without thought to how changes here will work with plans afoot elsewhere.

“We also need to be clearer on how much this will all cost and how the changes can be phased in so the banking industry plays its full part in the UK’s economic recovery while still supporting its business and personal customers.”


IFAP rejects call for register of adviser firms

IFA Promotion has dismissed the Institute of Financial Planning’s call for a register of financial planning firms, saying that consumers are more interested in individual adviser credentials than the status of firms.

Gibbs to head merged Jupiter trust

Jupiter is planning to merge three split-capital investment trusts and relaunch them as a single tax­efficient trust managed by Philip Gibbs.Tony Nutt’s Second Enhanced Income Trust, Gibbs’s Second Split Trust and the Defined Capital Return fund, a pas­sively managed, Jersey-domiciled vehicle, are the affected funds.The combined assets will create a vehicle with more than £200m […]

Lords criticise ideas for Euro reform

The House of Lords EU Committee warned the UK government may have insufficiently set out its ideas to the EU on the reform of supervisory bodies and says it is “behind the ball game” on some EU proposals.

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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