BoE’s Nelson warns against ‘rigid’ approach to op risk
Firms may fear the “wrath” of regulators, but rules should not offer guarantees, says official
Some firms might prefer clearer rules on operational risk, but regulators should retain flexibility, the Bank of England’s Lyndon Nelson said on May 5.
The deputy chief of the Prudential Regulation Authority said “outcome or principles-based regulation” allows firms to choose the most “economic, efficient and effective way” to meet requirements. But some firms fear the lack of clarity could lead to them incurring the “unjustified wrath” of regulators, he added.
Nelson told the online event
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Regulation
Europe needs ‘pragmatic and flexible’ AML authority – Irish deputy
New body should “pick important problems and fix them”, Derville Rowland says
Riksbank’s Thedéen to be next Basel Committee chair
Current chair Hernández de Cos stepping down as Bank of Spain governor in June
‘Do I die, or do I survive?’ Officials reflect on Basel III complexity
Ingves, Trichet and Villeroy de Galhau recall tough trade-offs at Basel Committee’s 50th anniversary
Stablecoin rules are ‘diverse and fragmented’, FSI paper warns
BIS institute says it is “critical to align national regulatory frameworks”
Switzerland proposes new rules to close Sib oversight gap
Public backstop to become permanent, SNB to provide more liquidity
BoE plans upgrades to data collection process
Overhaul includes work on validation, communications with firms and common data standards
When competitors become partners: paradoxes of ‘open banking’
Manoj Singh says the rise of open banking may sit uneasily with the complexity of platform banking
Basel Committee prepares crackdown on bank ‘window dressing’
Study says lenders have obscured their true systemic importance at reporting dates
Most read
- Trends in reserve management 2024: survey results
- People: RBI appoints senior officials
- China to start selling ultra-long term sovereign bonds