Press Release
IMA Applauds Government Proposals To Restore Confidence In The Financial System
18 June 2008
Responding to the Chancellor’s Mansion House speech this evening, Richard Saunders, Chief Executive of the Investment Management Association commented,
“ The Chancellor has rightly recognised that special measures are needed to restore consumer and investor confidence in the financial system. Bank customers need confidence that the money they deposit in banks and building societies is safe and banks have a duty towards customers - without whom they would not exist.
The special resolution regime to allow authorities to address failing banks is also welcome. The Government’s objective is to ensure that bank failures do not threaten the system, not to ensure that banks do not fail. The proposed regime will give customers confidence that their deposits and assets will remain safe in the event of a bank going out of business.
Now that these measures have been proposed we urge the Government to implement them quickly. Not to do so would postpone the recovery of confidence in the system.”
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