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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.”

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