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UK banking rules are set to undergo the biggest change in more than 30 years

2022-12-09 18:17:11Biznes SHKRUAR NGA REDAKSIA VOX
UK banking rules are set to undergo the biggest change in more than 30 years
Plans to ease financial services regulations are being described as another 'Big Bang'

The UK government has announced what it describes as one of the biggest overhauls of financial rules in more than three decades.

The British government has said that the package of more than 30 reforms will "reduce red tape" and "boost economic growth".

Rules forcing banks to legally separate retail banking from higher-risk investment operations will be revised.

They were first introduced after the 2008 financial crisis, when several banks faced financial collapse.

The package of changes, known as the "Edinburgh Reforms", is being presented as an example of post-Brexit freedom to tailor regulation specifically to the needs and strengths of the UK economy.

However, critics say it risks leaving behind some of the lessons learned from the financial crisis.

Between 2007 and 2009, the then Labor government spent £137 billion in public money to save banks from failure.

Overall, taxpayers have lost £36.4 billion from these packages, according to the latest estimate from the Office for Budget Responsibility.

Plans to deregulate financial services are being described as another "Big Bang", which refers to the deregulation of financial services by Margaret Thatcher's government in 1986.

The government has already announced it will lift the existing cap on bonuses bankers can receive and allow insurance companies to invest in long-term assets, such as housing and wind farms, to help boost investment.

The rules that determine the way in which senior managers of financial institutions are hired, monitored and sanctioned will be revised.

There will also be new rules around bundling investments together into tradable units – a process called securitization.

Chancellor Jeremy Hunt said the changes would strengthen "the UK's status as one of the most open, dynamic and competitive financial services centers in the world".

The reforms "come as a result of our freedoms from Brexit to deliver a regulatory regime that is fast and works in the interests of British people and our businesses"./ BBC


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