New consultation on financial regulation
New consultation on financial regulation opportunity to develop clarity says REC Accounting and Financial Services
Mark Hoban MP, Financial Secretary to the Treasury, has announced the launch of a consultation looking at the implementation of the coalition governments plans for reform to financial regulations.
Specialised recruiters will be monitoring potential implications of these reforms for employment and skills needs in the financial services sector.
The proposed overhaul of the system of financial regulation would see the Bank of England given powers over macro prudential regulation through a newly established Financial Policy Committee.
The consultation also invites views on plans to create a new regulator under the Bank of England and a new Consumer Protection and Markets Authority which will regulate the conduct of financial markets.
Commenting on the news and the potential staffing implications, Bill Haynes, Chair of REC Accounting and Financial Services said: This consultation is an opportunity to develop some clarity on the question of banking regulation. Specialised recruiters will be looking to pre-empt and monitor any changing skills or competency needs that any new environment might create.
In particular, the potential separation of retail banking from the more complex and risk based investment banking sector could have implications for recruitment strategies in the sector. The increased focus on transparency could also lead to the development of more internal compliance roles within financial services companies."