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Fri 03 Mar 2010Financial Regulator outlines tougher banking approach
IN HIS first public speech, the new head of financial regulation, Matthew Elderfield, has outlined plans to adopt a much tougher approach to the supervision of the banking and financial sector.
There needed to be “assertive risk-based regulation underpinned by a credible threat of enforcement”, said Mr Elderfield, but he warned that this would require substantially increased resources and more stringent powers.
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