FSA says global banking body may be needed!
LONDON, England - October 15, 2009 - A global body with legal powers may be needed over time to enforce the world's new financial rules, the Financial Services Authority (FSA) said on Wednesday.
The FSA's newly appointed and first director of international affairs, Verena Ross, said the Financial Stability Board (FSB) was key to ensuring all gaps in regulation between securities, insurance and banking sectors were plugged.
Formerly known as the Financial Stability Forum, the FSB was expanded in April to include central bankers and finance ministry and regulatory officials from all Group of 20 (G20) countries.
The G20 has asked the body, chaired by Bank of Italy Governor Mario Draghi, to coordinate global efforts to introduce new financial rules in light of the sector's worst crisis in 70 years.
"I would advocate to make sure the FSB has a strong secretariat to support their work," Ross told a City and Financial Conference.
"The role of the FSB is crucial. We will need to make sure it is able to play its role forcefully... Success depends on real progress over the next six to 12 months," she said.
The FSA's newly appointed and first director of international affairs, Verena Ross, said the Financial Stability Board (FSB) was key to ensuring all gaps in regulation between securities, insurance and banking sectors were plugged.
Formerly known as the Financial Stability Forum, the FSB was expanded in April to include central bankers and finance ministry and regulatory officials from all Group of 20 (G20) countries.
The G20 has asked the body, chaired by Bank of Italy Governor Mario Draghi, to coordinate global efforts to introduce new financial rules in light of the sector's worst crisis in 70 years.
"I would advocate to make sure the FSB has a strong secretariat to support their work," Ross told a City and Financial Conference.
"The role of the FSB is crucial. We will need to make sure it is able to play its role forcefully... Success depends on real progress over the next six to 12 months," she said.
