The Independent Commission on Banking held its fourth meeting on Friday 22nd October 2010.
The Commission discussed each of the options outlined in its Issues Paper, which was published on 24th September 2010.
The Commission also discussed HM Treasury’s consultation (“A new approach to financial regulation: judgement, focus and stability”) which has recently gathered views on reform of the UK’s financial regulatory framework. Following the meeting, it wrote to HM Treasury to emphasise the importance of promoting competition through the financial regulatory framework. In particular, it believes that the Consumer Protection and Markets Authority should have a primary duty to promote effective competition.
The Commission’s next meeting will take place on 25th November 2010.
Notes to Editors
1. The Commission wrote to HM Treasury as follows:
“We would like to emphasise the importance of active competition in a robust and stable banking sector. Financial regulators can play an important role in promoting competition across the banking sector. HM Treasury should ensure that the importance of competition is reflected in the roles of the new financial regulators. In particular, the Commission believes that the Consumer Protection and Markets Authority should have a primary duty to promote effective competition.”
2. The Commission’s website is: http://bankingcommission.independent.gov.uk
3. The Commission’s Issues Paper can be found at:
4. If you would like to respond to the Call for Evidence in the Issues Paper, please e-mail your response to email@example.com by 15 November 2010.
5. The members of the Independent Commission on Banking are Sir John Vickers, Clare Spottiswoode, Martin Taylor, Bill Winters and Martin Wolf.
6. Press enquiries during office hours should be directed to the Commission’s Duty Press Officer on 07787 059 259.
Phone: For enquiries please contact the issuing dept