Any changes to the regulatory structure must be designed to strengthen and help grow the financial services sector, not to first paralyse and then shrink it
It is vital that we restore the public’s confidence in our banks and emphasise the massive contribution they make to the well-being of economies here and abroad
The UK has a strategic interest in the formulation of high international standards and the Government must play a leading role implementation of global and EU regulatory standards
Ian Luder, the Lord Mayor of the City of London, will this evening provide a robust defence of the UK’s financial services industry during the annual City Banquet at Mansion House.
Chairman of the FSA Lord Turner, will also be addressing the 300 politicians and industry representatives gathered for this evening’s event.
The Lord Mayor, the global ambassador for the UK-based financial services industry, will discuss the following issues:
On future regulatory reform:
“Any changes to the regulatory structure must be designed to strengthen and help grow the financial services sector, not to first paralyse and then shrink it.
“We all recognise that such changes are necessary but ‘punishing’ or somehow ‘reining in’ the financial services industry is not the answer.
“I would call on all politicians, and other institutions charged with regulation and supervision, to regard the financial services industry in its true light, as a major national and international asset – they are duty-bound to preserve the growth and international competitiveness of this sector.
“Here in the UK we strongly believe that the interaction between regulators and auditors must be strengthened and that we must avoid the temptation to apply collateral regulation in sectors which are already functioning as intended.
“Above all, once the necessary changes have been made, we must resist constant tinkering with the system. Firms need to operate in a business environment defined by certainty, clarity and consistency.”
On the importance of the financial services industry:
“Unless the public’s confidence in the banks is regained the whole of the financial services sector will be irreparably damaged and this issue will continue to be used as a political football in a match which could last until the next general election and beyond.”
“Whilst the excesses and misjudgements of some have dismayed us all, we need to remember that it is banking activity, international banking activity, which makes the world go around. No other industry has the potential to help lift so many people out of poverty, especially in emerging economies.
“Banks and bankers do good, but the public remain sceptical. What we need to do now is to restore the public’s confidence in our banks and emphasise the massive contribution they make to the well-being of economies here and abroad.
On this week’s G20 summit in Pittsburgh:
“The commitments agreed to at the G20 London Summit must be acted upon and our drive to see them implemented must be relentless.
“We must promote responsible and sustainable economic behaviour and we have to have the courage to call attention to economic nationalism wherever it rears its ugly head.
“The UK has a strategic interest in the formulation of high international standards and I hope the British government will take a leading role in the creation of an accountable, transparent and sound system of international regulatory cooperation.”
A full transcript of the Lord Mayor’s speech is available to download
It is vital that we restore the public’s confidence in our banks and emphasise the massive contribution they make to the well-being of economies here and abroad
The UK has a strategic interest in the formulation of high international standards and the Government must play a leading role implementation of global and EU regulatory standards
Ian Luder, the Lord Mayor of the City of London, will this evening provide a robust defence of the UK’s financial services industry during the annual City Banquet at Mansion House.
Chairman of the FSA Lord Turner, will also be addressing the 300 politicians and industry representatives gathered for this evening’s event.
The Lord Mayor, the global ambassador for the UK-based financial services industry, will discuss the following issues:
On future regulatory reform:
“Any changes to the regulatory structure must be designed to strengthen and help grow the financial services sector, not to first paralyse and then shrink it.
“We all recognise that such changes are necessary but ‘punishing’ or somehow ‘reining in’ the financial services industry is not the answer.
“I would call on all politicians, and other institutions charged with regulation and supervision, to regard the financial services industry in its true light, as a major national and international asset – they are duty-bound to preserve the growth and international competitiveness of this sector.
“Here in the UK we strongly believe that the interaction between regulators and auditors must be strengthened and that we must avoid the temptation to apply collateral regulation in sectors which are already functioning as intended.
“Above all, once the necessary changes have been made, we must resist constant tinkering with the system. Firms need to operate in a business environment defined by certainty, clarity and consistency.”
On the importance of the financial services industry:
“Unless the public’s confidence in the banks is regained the whole of the financial services sector will be irreparably damaged and this issue will continue to be used as a political football in a match which could last until the next general election and beyond.”
“Whilst the excesses and misjudgements of some have dismayed us all, we need to remember that it is banking activity, international banking activity, which makes the world go around. No other industry has the potential to help lift so many people out of poverty, especially in emerging economies.
“Banks and bankers do good, but the public remain sceptical. What we need to do now is to restore the public’s confidence in our banks and emphasise the massive contribution they make to the well-being of economies here and abroad.
On this week’s G20 summit in Pittsburgh:
“The commitments agreed to at the G20 London Summit must be acted upon and our drive to see them implemented must be relentless.
“We must promote responsible and sustainable economic behaviour and we have to have the courage to call attention to economic nationalism wherever it rears its ugly head.
“The UK has a strategic interest in the formulation of high international standards and I hope the British government will take a leading role in the creation of an accountable, transparent and sound system of international regulatory cooperation.”
A full transcript of the Lord Mayor’s speech is available to download
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