17 December 2017

44975

Retired Member

3,251Posts 11,857,909Views 3,524Comments
Innovation in Financial Services

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  |  3252 views  |  1

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
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)
A Finextra member
A Finextra member | 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)

Retired's profile

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

Retired's expertise

Member since 2009
3181 posts3,524 comments
What Retired reads

Who's commenting on Retired's posts

Ketharaman Swaminathan
Raymond Lee
James Andrew
Dharmesh Mistry
David Andrzejek
Ralf Ohlhausen
Tom Hay
Nicola Cowburn
Michael Wright
Charmaine Oak
Francis Chlarie