Andrew Bailey - Bank of England

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Last quote by Andrew Bailey

Taken together, these documents reflect our aim for the FCA to be more transparent and accountable to the UK public.feedback
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Apr 18 2017 Brexit
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Andrew Bailey is associated, including UK, EU, and standard. Most recently, Andrew Bailey has been quoted saying: “[Whistleblowing] is very important. We take it very seriously.” in the article Protecting UK financial services post-Brexit a priority for FCA.
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Andrew Bailey quotes

It is more than disappointing, frankly. We do regard this as a market sensitive information.feedback

It requires further urgent analysis to understand the broader implications of this.feedback

When I heard about this on Sunday I thought this looked unprecedented in the UK. It's too early to give a comprehensive account of what the root causes are.feedback

In some cases, we have seen evidence of overlapping or unclear allocation of responsibilities. In other cases firms appear to be sharing responsibility amongst more junior staff, obscuring who is genuinely responsible. This goes against the intention of the senior managers and certification regime and should not continue.feedback

Generally, we have observed that firms are taking their responsibilities seriously and have broadly got the regime right.feedback

These are unsettling times, and we owe it to people who work so hard to support us to put their minds at rest.feedback

I do have fears. I think that we have the bedrock of the European Convention on Human rights and that makes such a difference. It is incorporated in the UK law. So we have that but I think it is very much under threat. I think we are going to see a lot of change. We are really worried about the future here. We have rights, we have a great celebration, we have the apparent solidarity of this government. We need to have the EU support as well.feedback

When people talk about regulatory independence, you have to explain it does not mean that you are on a different planet.feedback

The big challenge for them is … what is called [the] bridge to engine room. How do you know what your business is doing?feedback

As regulators, we are not able, and should not try, to determine the culture of firms. We cannot write a regulatory rule that settles culture. We seek to ensure that firms have robust governance, which includes appropriate challenge from all levels of the organisation. a change of culture was possible and there has been progress at the banks.feedback

Since Christmas there had already been "quite marked changes" in the pricing of sterling risk options.feedback

This forces them into riskier assets and undermines their position.feedback

We welcome internal model applications by smaller banks and we will do what we can to help them meet the required prudential standards, which are largely set out in the EU legislation.feedback

Going forward we will monitor insurers' models carefully in order to ensure they continue to deliver an appropriate level of capital.feedback

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