Too much or too little? The regulatory pendulum in banking
Held on Tuesday, July 5, 2016
With support from FTI Consulting
Francesco Guerrera (Politico)
Hans Hack (senior managing director, FTI Consulting)
Sam Tymms (managing director, Promontory)
James Chew (head of regulatorypolicy, HSBC)
Emran Mian (director, Social Market Foundation)
Tony Greenham (director of Economy, Enterprise and Manufacturing, RSA)
Jane Fuller, CSFI co-director, sat down with Francesco Guerrera (Politico) and Sam Tymms (Promontory) to discuss whether there is a regulatory pendulum in banking - and in whose favour it is swinging.
What should we be talking about at this round-table?
Email your suggestions for the agenda to Harry Atkinson.
In last year’s Mansion House speech, UK Chancellor George Osborne announced a “new settlement” for the financial industry and invited it to become part of the solution, instead of the problem. This looked like a classic example of the regulatory pendulum starting to swing back in banks’ favour after seven lean years – unless you are a compliance officer.
Yet,even if new rules are coming less thick and fast, the fines and compensation continue to mount. In the UK, Martin Wheatley, regarded as a scourge, has left the FCA – but no one would suggest that his successor, Andrew Bailey, should be a soft touch. Indeed, is it even clear that a “pendulum” exists, let alone that it is swinging the other way?
Our panel represents a wide set of views:
- Francesco Guerrera, Chief Financial Correspondent and Associate Editor of Politico, and formerly of the FT and Wall Street Journal, explored the themes in an article entitled: “Now they want to kiss all the bankers”.
- Sam Tymms, Managing Director of Promontory and an ex-regulator (FSA), works with banks on how to cope with a regulatory burden that may have become excessive.
- James Chew, Group Head of HSBC’s Regulatory Policy & Development team, considers how to implement regulatory changes across the globe. As interim CEO at the Business Growth Fund, he also has an SME perspective.
- Tony Greenham, Director of Economy, Enterprise and Manufacturing at the RSA, an accountant and former banker, has written many books on banking and economic reform. He advocates structural reform as the antidote to more regulation.
- Emran Mian, Director of the Social Market Foundation, an author (including of the wonderfully entitled "Send in the Idiots") and ex-civil servant, will also remind us that the case for reform is not exhausted.
And from our host, FTI Consulting, Hans Hack, who heads the Financial Services practice in Brussels, will interpret the cross-border agenda of the European Supervisory Authorities, whose role has been beefed up post-crisis.