20 December 2014

44975

Retired Member

707Posts 2,219,457Views 868Comments

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

no principles

12 March 2009  |  2861 views  |  2

I suspect the memorable phrase coined today by Hector Sants, CEO of the Financial Services Authority, will long be remembered as a turning point in the debate about regulatory structure.

He said "a principles-based approach does not work with participants who have no principles".

Go to http://www.ft.com/cms/s/0/2dbf2b7e-0ef8-11de-ba10-0000779fd2ac.html for good coverage.

The debate about principles vs. rules is rather sterile - what counts is effectiveness. Sants made this very clear - they are going to focus on outcomes.

The FSA will publish a report on March 18th proposing changes to the UK regulatory system. Cant wait.

TagsRisk & regulationPost-trade & ops

Comments: (2)

Paul Penrose - Finextra - London | 12 March, 2009, 15:35

Another choice quote from Sants today: "There is a view that people are not frightened of the FSA. I can assure you that this is a view I am determined to correct. People should be very frightened of the FSA"

In the City, corruption drips like honey. It oozes out of every dealing room floor. If the boys in braces aren't frightened it's for good reason. Feathering one's own nest has become an institutionalised past-time. Let's see if Mr Sants can deliver on his promise.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Dean Procter - Transinteract - Sydney | 13 March, 2009, 00:29

Accountability?

Actions would need to be indelibly linked to actors. I'm not sure the appropriate processes are in place to achieve this.

To enjoy the fruits of illicit actions, the actor has to have a way to collect their booty. Clearly that is too easy currently.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Do you KYC well!

23 July 2014  |  1183 views  |  0  |  Recommends 0 TagsSecurityPayments

My thoughts on Digital and Branchless banking

21 July 2014  |  1910 views  |  0  |  Recommends 0 TagsMobile & onlinePayments

War of the Plastic cards with Mobile wallets

21 July 2014  |  1979 views  |  2  |  Recommends 0 TagsMobile & onlinePayments

7-day account switch: customer empowerment or indifference

18 June 2014  |  1931 views  |  1  |  Recommends 0 TagsRisk & regulationRetail banking

On Reinventing Money.

03 June 2014  |  1298 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who is commenting on Retired's posts

Rasvan Stanescu
Andrei Charniauski
Sian Bentley
Tony Wenzel
Jorge Yui
Ketharaman Swaminathan
Mark Pavan
Matt Scott
Geoffrey Barraclough
Thad Peterson
Marinka Ryan
Alexander Peschkoff