A review of the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses.
The UK financial market has been severely affected by the recent financial crisis. The crisis has exposed weaknesses in the supervisory framework as well as that for crisis management and resolution.
This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms. This Working Paper relates to the 2009 Economic Survey of the United Kingdom.
The paper covers the key following issues:
- Banking regulation
- The UK regulatory framework
- Capital adequacy standards
- Liquidity and bank
- Lending standards and “subprime”
- Remuneration
- Supervision
- Lessons for supervision from the Northern Rock failure
- Policies for crisis management and resolution
- Systemic risk and macroprudential
- Understanding of the risks in the credit cycle
- Stress testing
- Regulation and pro–cyclicality
- Strengthening banking regulation and supporting financial stability
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