The incoming Basel III regulations are overly-complicated and need to be simplified before coming into effect.
That is the opinion of Andrew Haldane, director of financial stability at the Bank of England (BoE), who believes that reforms to the sweeping regulatory changes - which have been designed to prevent the mistakes made in the global financial crisis from being repeated - are required as they are currently impractical, Reuters reports.
While speaking at the Parliamentary Commission on Banking Standards yesterday (21 January), Mr Haldane said that efforts to alter the guidelines put forward by the Basel Committee are already underway as there is a growing recognition among regulators that the plans may represent a "false turn in the road".
"Regulators cannot really police this complex beast - there are moves afoot … to simplify and streamline the move to a proper regulatory rather than self-regulatory edifice," he noted.
However, the BoE policymaker went on to warn that any changes "may take some time".
By Tony Aynsley
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