Press Release
IMA calls for speedy implementation of banking reforms
Responding to the Treasury, Bank of England and Financial Services Authority's further proposals today on strengthening the framework for financial stability and protecting depositors, Richard Saunders, Chief Executive at the Investment Management Association (IMA) said:
"Today's proposals are welcome confirmation of the Government's intention to carry through two much needed reforms.
"The first is the new, higher level of depositor protection, which is essential to maintain the confidence of ordinary depositors.
"The second is the Special Resolution Regime, which will allow depositors in any bank which fails in future continued access to their money while the affairs of the bank itself are settled.
"Both need now to be implemented and implemented quickly.
"The Government should also move speedily towards the pre-funding of deposit protection. The business of banking requires investor and depositor confidence, which in turn requires this scheme to be in place. Deposit insurance is thus part of the cost of doing business, and should be recognised as such."
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