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PRA chief pushes for sale of Government bank stakes

PRA chief executive Andrew Bailey

Prudential Regulation Authority chief executive Andrew Bailey says the regulator will not rest until it has tackled the problem of so-called ‘too big to fail’ institutions so banks can start weaning themselves off public money.

Speaking at the Lansons Communications Future of Financial Services conference, Bailey said public scrutiny of banks has intensified in the wake of the financial crisis.

He said certain elements of the public’s interest in banks, such as their role in supporting the economy and their standards of conduct, are “enduring”.

But he added: “There is a third element, which should not be enduring, which is the dependence of the banking system on public money. That is the one we want to get rid of, and it is as much in the interests of the banks as it is in ours that that should go.

“Nobody should underestimate the difficulty of this whole question of too big to fail. I am firmly of the view that we cannot rest comfortably until we have cracked this, but it will be very difficult.”

Philip J Milton & Company managing director Philip Milton says: “The public stakes in the banks should be looked on as a strategic investment, which should be sold when the banks are stabilised. Today’s prices are not the price at which to be privatising the banks again.”


EU body needs more powers to monitor banks

European Banking Authority executive director Adam Farkas has blamed national regulators for not spotting bank failures in its EU-wide stress tests. Speaking at the Lansons Communications Future of Financial Services conference, Farkas said the EBA needs more powers to do its job properly.  The EBA, set up in 2011, has come under fire after its […]

UK wealth managers enduring post-RDR slump in confidence

UK wealth managers are suffering a crisis of confidence post-RDR as just 17 per cent believe knowledge and qualifications are their greatest assets, according to research. A study from Pershing, part of BNY Mellon, examines the extent to which UK wealth managers are being forced to re-examine their value proposition in light of the implementation of the RDR. […]


Comparison site launches ‘Find an Adviser’ service

Comparison website has launched a “Find an Adviser” service ahead of a move into the annuity space.  Advisers can sign up for leads from people in their local area but must agree to provide 30 minutes worth of free financial advice to people who request a meeting. says it will not charge for leads, […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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