UK banks 'could face tougher regulations'
After a stormy few weeks for the banking sector, further tough news has emerged with the suggestion that chancellor George Osborne could be asked to implement reform of the financial services sector through an even more stringent regulatory regime.
With public pressure mounting over the scandals that have hit Royal Bank of Scotland (RBS), the Co-operative Bank and payday lenders in recent months, it looks likely more action could be taken to rein in the industry.
Justin Welby, the Archbishop of Canterbury, joined former Tory chancellor Lord Lawson and a number of other senior peers to tell the Financial Times robust action needs to be taken on financial services firms that step out of line.
Andrew Tyrie, Tory chairman of the cross-party banking commission, described this period as a "crucial time" in attempts to draw up a new legislative regime for firms in the City.
"What we are needing is a sharp, cultural change by regulators, almost as much as we require it of banks, away from box-ticking, back-covering, to a much more judgemental approach," he declared.
The claim that RBS deliberately put pressure on smaller businesses for financial gain has lent a new urgency to the debate over regulation.
Clifford Chance are currently looking into the allegations made by Lawrence Tomlinson, an adviser to business secretary, Vince Cable.
With the public temper high over these latest suggestions of misconduct, the banking sector is clearly going to need to take serious steps to recover its position in the UK and avoid facing further media scrutiny.
Fiona Woolf, the newly-appointed Lord Mayor of London, has promised to help bring British financial services into the 21st century.
Writing for City AM, she said: "London must ensure that its great cluster of services can capture the benefits of a diverse and wide talent pool at all levels, for the innovation that will enable it to meet the changing needs of business, markets and investors."
Given recent revelations, it is clear that corporate responsibility must be part of this shift.
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Teaser
Commerce & IndustryContent Type
General
18/04/24
Summary
What is financial contracting? Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an orga
by
Kelvin Murphy
Related jobs
Salary:
£65,000 - £75,000 per annum
Location:
Alfreton, Derbyshire
Industry
Consumer & Retail
Manufacturing
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin are working with a fantastic PE Backed FMCG Organisation on the Derbyshire / Nottinghamshire border to recruit a Head of FP&A.
Reference
BBBH179456
Expiry Date
01/01/01
Author
Anthony MillsAuthor
Anthony MillsSalary:
£70,000 - £80,000 per annum
Location:
Bournemouth, Dorset
Industry
Technology
Qualification
None specified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
IT Analysis
Contract Type:
Permanent
Description
IT Requirements Engineer
Reference
BBBH180099
Expiry Date
01/01/01
Author
Ghazal MayahiAuthor
Ghazal MayahiSalary:
£36 - £41.5 per hour
Location:
Manchester, Greater Manchester
Industry
Healthcare
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£250 - £350
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Senior Transactional Lead | Manchester | Up to £41.50 per hour | 3 month contract | Hybrid
Reference
BBBH180097
Expiry Date
01/01/01
Author
Jamie MillerAuthor
Jamie MillerSalary:
Up to £50,000 per annum
Location:
City of London, London
Industry
Consumer & Retail
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Cloud & Infrastructure
Contract Type:
Permanent
Description
IT Support Manager
Reference
BBBH180096
Expiry Date
01/01/01
Author
Alex SimmonsAuthor
Alex SimmonsSalary:
Up to £50,000 per annum
Location:
Manchester, Greater Manchester
Industry
Energy, Resources and Industrial
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Part Qualified & Transactional Finance
Newly Qualified Finance
Contract Type:
Permanent
Description
Our client, a market leading Technology business headquartered in Manchester City Centre are currently searching for an ambitious Commercial Finance Analyst to join their team.
Reference
BBBH180095
Expiry Date
01/01/01
Author
Tany YunosAuthor
Tany YunosSalary:
€45,000 - €60,000 per annum
Location:
Utrecht
Industry
Real Estate
Qualification
Part qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Onze klant houd zich bezig met innovatieve oplossingen voor de ontwikkeling van duurzame steden en samenlevingen. Hier speel jij een cruciale rol in het beheer van diverse vastgoedportefeuilles.
Reference
BBBH179228
Expiry Date
01/01/01
Author
Guido BuwaldaAuthor
Guido BuwaldaSalary:
€45,000 - €65,000 per annum
Location:
Utrecht
Industry
Private Equity
Qualification
Part qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Momenteel zijn wij voor een private equity firm in Utrecht op zoek naar een Controller. Zij investeren in (potentiële) marktleiders - tot ca 500 mln omzet - met als doel om de waarde te verhogen
Reference
BBBH179535
Expiry Date
01/01/01
Author
Guido BuwaldaAuthor
Guido BuwaldaSalary:
£100,000 - £120,000 per annum
Location:
Bolton, Greater Manchester
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Exciting Finance Director role paying between £100,000 and £120,000 working for a PE backed retail and distribution business based in Bolton.
Reference
BBBH180076
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£280 - £305 per day
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£250 - £350
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
You will be working with the business for a period of 9 months + and will be required to work in the office 2/3 days per week.
Reference
NH - 180090
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£180 - £200 per day + + Hybrid Working (2 days WFH)
Location:
London
Industry
Investment Management
Qualification
None specified
Market
Financial Services
Salary
£150 - £250
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
We are recruiting for an Interim Accounts Payable to join a Global Investment Firm. The position is in London on a contract basis.
Reference
BBBH180087
Expiry Date
01/01/01
Author
Deem NaPattaloongAuthor
Deem NaPattaloong