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Turner Review: FSA says London will remain leading financial centre

FSA chairman Lord Adair Turner claims the regulator’s crackdown on banks will not affect London’s standing as one of the world’s leading financial centres.

The FSA is calling for a fundamental change to bank capital and liquidity regulations, as well as bank published accounts. The regulator wants to see more and higher quality bank capital, with several times as much capital required to support risky trading activity.

Turner told reporters at the launch of his review of regulation and the banking crisis that he expects other national regulators to impose similar measures.

He said: “London will continue to be a global player. This has only affected a small subset of the City. We do not believe this will make the City of London any less attractive.”

Turner also empasised the need for more banking staff with relevant skills and qualifications.

He said: “We will make sure a focus on core banking skills is there. We will be asking more questions about staff, particularly in risk management functions.”

He also highlighted the need for reporting relationships to exist between risk management departments and non-executive directors of companies.

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