WEEKLY COMMENT 12-12-2013
By Barry Edwards
The Bank of England’s plans for SME’s
The new authority given to the Bank of England (BofE) by parliament since the financial crisis has given its senior management real responsibility to oversee banks to prevent a similar disaster happening again. Their powers are comprehensive and allow proper control over lending practices that were not part of their concern since the creation of the former regulator, the Financial Services Authority (FSA).
Ever since the disbandment of the FSA, the new organisations that have been created to manage the financial community have been very proactive in advising and suggesting how banks and the associated institutions should act. This has been well received by those people connected with the financial system as the BofE is the only authority that can effectively influence behaviour and prevent contravention of the rules.