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STRUCTURAL REFORM OF BANKING TO DOMINATE FINANCIAL SERVICES REGULATION IN 2014

– Deloitte Centre for Regulatory Strategy identifies the top 10 regulatory themes for next year

Structural reform of banking
Structural reform of banking

Structural reform of the banking sector will be one of the key regulatory themes of 2014, according to Deloitte, the business advisory firm.

The Deloitte Centre for Regulatory Strategy has identified the top 10 regulatory changes that will affect banks, insurers and investment managers next year. The themes are included in the Centre’s latest report – ‘Our Outlook for financial markets regulation and supervision’ – and include:

  • Restructuring the (rest of the) financial system
  • Capital and liquidity
  • Wholesale conduct risk
  • Banking union
  • Operational risk
  • Putting customers first through better conduct and culture
  • Individual accountability
  • Competition
  • Managing regulatory change in an extraterritorial world

David Strachan, co-head of the Deloitte Centre for Regulatory Strategy, said:

“Six years have passed since the start of the financial crisis. Banks, insurers and other financial services companies are having to deal with a fundamental overhaul of regulation and supervisory approaches – but the sobering fact is that the job is by no means done.

“2014 will be a busy year.  Banks will need to implement the new capital and liquidity framework, and the ECB will be intent on establishing a new European supervisory regime. Closer to home, conduct risk in both the wholesale and retail sector will remain at the top of the agenda. Over-arching this, a multitude of new regulations will require banks to re-engineer their legal entity structure and change the way they operate across borders.”