International banking reform needs to be coordinated, BBA states

4 October 2010

Global reform among the financial services industry needs to be coordinated for it to be effective, a banking organisation has claimed.

Angela Knight, chief executive of British Banking Association (BBA), made the comments at a conference in London, and claimed that the initial consensus on the way banking reforms will be implemented needs to be adhered to.

If regulatory changes are not cohesive, then businesses and employees will experience “significant difficulties”, she explained.

Ms Knight said: “There is no shortage of ideas, consultations and proposals for regulatory reforms coming not only from our own UK policymakers but also from the EU and other rulemakers such as the Basel Committee.

“Each week brings some new proposal, or a new spin on an old one. The G20 began well in pulling these initiatives together. But what looked coherent some 18 months ago looks much less so today.”

She added that any agreements made within the EU should not be deemed international unless similar changes are made in Asia and in the US.

The next meeting of the G20 is scheduled to take place in Seoul in November.

By Jim Ottewill

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