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ARTICLE · 23 JULY 2009

Financial Services And Markets Group Bulletin

Smith & Williamson
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On 18 March 2009, Lord Turner published his review, alongside the accompanying Financial Services Authority (FSA) discussion paper, of the regulation of banks and bank-like institutions in response to the financial crisis which has besieged the global economy.

United KingdomFinance and Banking
Natasha Lee
Natasha Lee

HOW WILL THE TURNER REVIEW AFFECT YOUR BUSINESS?

On 18 March 2009, Lord Turner published his review, alongside the accompanying Financial Services Authority (FSA) discussion paper, of the regulation of banks and bank-like institutions in response to the financial crisis which has besieged the global economy. In truth, the review was less radical than had been feared as the majority of its recommendations had already been made public.

We address some of the high-level issues raised by the Turner Review including the potential wider impact on regulated firms which do not fall under the banking umbrella.

Capital adequacy

As expected, Lord Turner recommends that the quantity and quality of capital maintained by banks should be increased. However, given the current financial pressures experienced by the banking sector, the recommendation will not be implemented in the short-term.

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