“HM Treasury received three responses, 16 were provided to ESMA, four went to the EU Commission, and one went to the European Banking Authority,” he says.
“In fact we submit a major response about once a week – and that is excluding our submissions to bodies like the FRC, IFRS, DWP, Takeover Panel, and HM Revenue & Customs, and our continual day-to-day engagements.”
Rather than get too embroiled in the HBOS investigations, Bailey would do well to take time to talk with FCA chairman John Griffith-Jones on the subject of his “less is more” approach to regulation of the wealth manager sector.
“We have made a great many rules already but they don’t seem to prevent new problems arising, and secondly, what starts as an attempt to provide clarity frequently ends up creating complexity and barriers to change,” Griffith-Jones said in November.
We all know how common sense can sometimes unwittingly fall at the wayside when taking on a complex job. Shaming more wrongdoers from seven or eight years ago may win over a cynical public, but the devil is in the detail if Bailey wants to stay in the top job for the long haul.
