Last quote by Andrew Bailey
Andrew Bailey quotes
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.
Generally, we have observed that firms are taking their responsibilities seriously and have broadly got the regime right.
These are unsettling times, and we owe it to people who work so hard to support us to put their minds at rest.
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.
When people talk about regulatory independence, you have to explain it does not mean that you are on a different planet.
The big challenge for them is … what is called [the] bridge to engine room. How do you know what your business is doing?
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.
Since Christmas there had already been "quite marked changes" in the pricing of sterling risk options.
This forces them into riskier assets and undermines their position.
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.
Going forward we will monitor insurers' models carefully in order to ensure they continue to deliver an appropriate level of capital.
You have really got to put flesh on that.