Banks: Regulation:Written question - 905211

Asked by Gill Furniss
(Sheffield, Brightside and Hillsborough)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 26 May 2016
HM Treasury
Banks: Regulation
To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the adequacy of regulation of banking sector.
Answered by: Harriett Baldwin
Answered on: 07 June 2016

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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