What is it about?
This paper is aimed at highlighting why the transfer of bank supervision back to the Bank of England is required if further progress is to be made in the effective regulation and supervision of the financial services sector. It also highlights shortcomings which exist and need to be addressed if the Bank of England is to perform its tasks efficiently as well as regain the momentum and advantages it had acquired before its supervisory powers were transferred to the Financial Services Authority.
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Why is it important?
The importance of regulatory structures in effective and timely coordination is pivotal in respect of timely intervention where a bank run involves a financial institution which has potentially devastating systemic effects.
Perspectives
Various changes in different jurisdictions and in respect of financial regulatory structures and arrangements have been witnessed since the GFC. Matters relating to the system of supervision (namely the use of off site supervision: in the form of surveillance, and on-site supervision: inspections) and the degree to which external auditors are involved are also to an extent , very important.
Prof Marianne Ojo
Northwestern University
Read the Original
This page is a summary of: Why the Transfer of Bank Supervisory Powers Back to the Bank of England is a Step in the Right Direction: Revisiting the Role of External Auditors in Bank and Financial Services Supervision, SSRN Electronic Journal, Social Science Electronic Publishing,
DOI: 10.2139/ssrn.2193137.
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