"Banks recognise the need for change and will continue to work positively with all the relevant authorities to ensure the long term success of the UK economy and the banking sector.
"Today's government White Paper on Financial Services is part of an ongoing programme of reform. We believe appropriate and effective regulation, capital applied according to risk and good quality supervision are the cornerstones of a vibrant banking community. We welcome moves to create better coordinated financial stability jointly with the FSA and the Bank of England. Banking is a global business and reform needs to be thoughtfully handled so moves in the UK dovetail with those overseas ensuring the UK sector remains competitive, otherwise business could move away.
"We are already working with the FSA on pay structures which reward individuals who contribute to long-term success and do not reward undue risk taking.
"We welcome moves to support customers and believe that well-educated and informed customers are able to make better financial decisions for themselves and their future. Banks already contribute to schemes to improve financial literacy and to independent providers of free financial advice. We will work with the government to help improve this further.
"We understand customers need to know their savings are safe. The deposit protection scheme works but more important is the focus on financial stability so that it is not needed."
"Banks recognise the need for change and will continue to work positively with all the relevant authorities to ensure the long term success of the UK economy and the banking sector.
"Today's government White Paper on Financial Services is part of an ongoing programme of reform. We believe appropriate and effective regulation, capital applied according to risk and good quality supervision are the cornerstones of a vibrant banking community. We welcome moves to create better coordinated financial stability jointly with the FSA and the Bank of England. Banking is a global business and reform needs to be thoughtfully handled so moves in the UK dovetail with those overseas ensuring the UK sector remains competitive, otherwise business could move away.
"We are already working with the FSA on pay structures which reward individuals who contribute to long-term success and do not reward undue risk taking.
"We welcome moves to support customers and believe that well-educated and informed customers are able to make better financial decisions for themselves and their future. Banks already contribute to schemes to improve financial literacy and to independent providers of free financial advice. We will work with the government to help improve this further.
"We understand customers need to know their savings are safe. The deposit protection scheme works but more important is the focus on financial stability so that it is not needed."
