Carney praises financial services sector

David Harvey our consultant managing the role

Bank of England governor Mark Carney has praised the UK's financial services sector and stressed the importance of the City to the overall economy, adopting a significantly softer tone than he has used in previous, more critical speeches.

Speaking at a Financial Times event, the former Goldman Sachs banker announced an easing of rules for banks in need of short-term cash, marking a change in the relationship between the Bank of England and other institutions.

Support for non-banks such as currency dealers is also on the way, the incumbent governor added.

After Mr Carney took over the role in August, the financial services sector buzzed with gossip over how he would recalibrate the industry, five years after billions of pounds of public money was invested in banks to keep them from collapsing.

While he denied that he is acting as a "cheerleader" for financial services, his attitude appears to be more positive than that of previous Bank of England governor Mervyn King.

"The point is to recognise a couple of facts. London is a global financial centre ... and the UK serves a role in maintaining an open global system," he added.

"Some (critics) ... would prefer that the UK financial services industry be slimmed down if not shut down. In the aftermath of the crisis, such sentiments have gone largely unchallenged. But, if organised properly, a vibrant financial sector brings substantial benefits."

His comments are timely, particularly as the British economy begins to find its feet and undergo something of a recovery.

The banking and financial services sector can play a major role in this, with the UK's strong international reputation and willingness to innovate meaning it remains a crucial area for businesses across the globe.

Mr Carney warned that the regulatory landscape will remain strict, however, and urged banks to adopt strong corporate governance measures if they are to succeed over the coming years.

Financial services firms must still be prudent with their balance sheets, he concluded.

11/04/16
posts

Related articles

What's the latest on recruiting senior finance and accounting professionals?
What's the latest on recruiting senior finance and accounting professionals?

Teaser

Finance & Accounting

Content Type

General

25/04/24

Summary

Over the years, we have developed a strong reputation as a leading Senior Finance and Executive Search firm. We’re proud to have well-established teams of finance and accounting recruitment cons

Teaser

Our employment update for senior accounting and finance professionals.

Read full article
Neil Burton

by

Neil Burton

Neil Burton

by

Neil Burton

How technology is impacting the future of risk and compliance jobs
How technology is impacting the future of risk and compliance jobs

Teaser

Governance

Content 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

Teaser

With no signs of slowing down, strong risk and compliance is now more important than ever.

Read full article
David Clamp

by

David Clamp

David Clamp

by

David Clamp

What does the future hold for private equity?
What does the future hold for private equity?

Teaser

Executive Search

Content 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

Teaser

Learn about emerging private equity job opportunities and more.

Read full article
Tracey Alper

by

Tracey Alper

Tracey Alper

by

Tracey Alper

jobs

Related jobs

Business Advisory Tax Manager / Senior Manager

Salary:

£50,000 - £65,000 per annum

Location:

Leeds, West Yorkshire

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£60,000 - £70,000

Job Discipline

Tax

Contract Type:

Permanent

Description

Business Advisory Tax Manager or Senior Manager with a top 30 accountancy firm based in Leeds

Reference

BBBH180452

Expiry Date

01/01/01

Andy Craven

Author

Andy Craven
Andy Craven

Author

Andy Craven
Find out more
Valuations - Head of UK - Alts

Salary:

Negotiable

Location:

City of London, London

Industry

Investment Management

Qualification

Fully qualified

Market

Financial Services

Salary

£125,000 - £175,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Superfund expanding their Valuations department hiring a Lead for their non-property unlisted assets

Reference

BBBH180483

Expiry Date

01/01/01

Cliodhna Lynch Find out more
Senior Credit Controller

Salary:

Up to £35,000 per annum

Location:

Kingston Upon Hull, East Riding of Yorkshire

Industry

Business Services

Qualification

None specified

Market

Commerce & Industry

Salary

£35,000 - £40,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

Senior Credit Controller - Hull - £30,000

Reference

BBBH180478

Expiry Date

01/01/01

Cameron  Walsh

Author

Cameron Walsh
Find out more
Billing Coordinator

Salary:

£15 - £16 per hour

Location:

Tidworth, Wiltshire

Qualification

None specified

Market

Commerce & Industry

Salary

£100 - £150

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

Billing & Credit Coordinator - 6 month FTC - Tidworth (Hybrid) - £15-£16 per hour

Reference

BBBH180424

Expiry Date

01/01/01

Neil Burton

Author

Neil Burton
Neil Burton

Author

Neil Burton
Find out more
Management Accountant

Salary:

£40,000 - £43,000 per annum

Location:

Manchester, Greater Manchester

Industry

Business Services

Qualification

Finalist / Newly qualified

Market

Financial Services

Salary

£40,000 - £50,000

Job Discipline

Qualified Finance

Part Qualified & Transactional Finance

Newly Qualified Finance

Contract Type:

Permanent

Description

Management Accountant Manchester £40,000

Reference

BBBH180470

Expiry Date

01/01/01

Terri Bishop

Author

Terri Bishop
Find out more
Purchase Ledger Clerk

Salary:

£30,000 - £32,000 per annum

Location:

Manchester, Greater Manchester

Industry

Manufacturing

Qualification

Part qualified

Market

Commerce & Industry

Salary

£30,000 - £35,000

Job Discipline

Newly Qualified Finance

Contract Type:

Contract

Description

If you are an experienced Purchase Ledger Clerk looking for a challenging role with the potential for significant career growth, we would love to hear from you.

Reference

BBBH180379

Expiry Date

01/01/01

Conor Brooks

Author

Conor Brooks
Find out more
Tax Manager

Salary:

£42,000 - £44,000 per annum

Location:

Bury, Greater Manchester

Industry

Business Services

Qualification

None specified

Market

Financial Services

Salary

£40,000 - £50,000

Job Discipline

Tax

Contract Type:

Permanent

Description

.

Reference

BBBH180466

Expiry Date

01/01/01

Aleksandra  Taranovskaja Find out more
Fund Controller - Private Credit Funds

Salary:

£65,000 - £75,000 per annum

Location:

London

Industry

Private Equity

Qualification

Fully qualified

Market

Financial Services

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Fund Controller - Specialist Private Credit Firm Seeking a dynamic and detail oriented Fund Controller to join a high calibre, cohesive and friendly team in a rapidly growing business.

Reference

BBBH179469

Expiry Date

01/01/01

Paul Roche

Author

Paul Roche
Paul Roche

Author

Paul Roche
Find out more
View all jobs