BoE to improve supervision in light of bank’s near-collapse
Report on the Co-op Bank’s near-failure warns ‘open banking’ could throw up new systemic risks
The Bank of England will make changes to its banking supervision after a report identified supervisory failings around the near-collapse of the Co-operative Bank in 2013.
An independent review of the incident found supervisors – initially at the Financial Services Authority and from April 2013, the BoE’s Prudential Regulation Authority – made mistakes in their dealings with the Co-op Bank. The full findings were published on March 27.
Mark Zelmer, the report’s author and formerly a senior
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