UK Discussion paper:supervising financial services

This joint paper by HM Treasury, the Financial Services Authority and the Bank of England says there is no single or simple way to achieve supervisory convergence and sketches out five related challenges that need to be addressed to make progress on achieving convergence of supervisory practice.

In summary, the UK authorities believe that: the current legal responsibilities of home and host supervisors should remain as set out in existing directives;

the framework provided by existing directives

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