ICB puts the spotlight on competition

first_img THE INDEPENDENT Commission on Banking (ICB) has written to the Treasury to underline the importance of promoting competition after the shake-up of the UK’s regulatory structure is complete.In its first public recommendation, the commission – headed by former Office of Fair Trading boss Sir John Vickers – called on the government to ensure that the new Consumer Protection and Markets Authority (CPMA) should have “a primary duty to promote effective competition”. It said encouraging active competition was essential to “a robust and stable banking sector”.The commission broke its silence to issue the recommendation as part of the Treasury’s consultation on its proposed changes to financial regulation, which will involve splitting up the existing Financial Services Authority and handing responsibility for the stability of the banking system to a beefed-up Bank of England.A new Prudential Regulatory Authority (PRA), operating as a subsidiary of the Bank, will replace the FSA when it is broken up, while the CPMA will be tasked with the protection of consumers and the day-to-day policing of financial firms.The proposals have prompted concerns in the City, not least over whether the new structure – where responsibilities are spread between four authorities, the Bank, the PRA, the CMPA and the Treasury – will face even more communication problems than the existing tripartite system.The ICB last month began its review into the banking sector, focusing on the amount of competition in the retail banking sector and the prospect of splitting up banks’ investment and retail operations. Its recommendations are due next autumn. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com ICB puts the spotlight on competition whatsapp KCS-content Sunday 24 October 2010 11:16 pm center_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com whatsapp Share Tags: NULL Show Comments ▼last_img

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