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Banks: Regulation

HM Treasury written question – answered on 7th June 2016.

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Photo of Gill Furniss Gill Furniss Labour, Sheffield, Brightside and Hillsborough

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the adequacy of regulation of banking sector.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

Since 2010 the government has:

  • legislated for the ring-fencing of large banks’ retail arms from their investment banking arms;

  • ensured that the senior managers of banks are held accountable for their decisions; and

  • put the Bank of England back in charge of bank prudential regulation.

The IMF noted in its recent Article IV concluding statement that “owing to a large extent to a wave of welcome regulatory reforms since the crisis, the main parts of the UK financial system appear resilient”.

The Government agrees with the IMF’s assessment.

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