The Key to Effective Financial Supervision - Good Judgement or Structure of Regulation?
Friday, June 18, 2010 at 06:38AM Yesterday (17/6/2010) the Evening Standard reported comments from Hector Sants relating to the changes in the regulatory regime of the UK financial services industry.
Good judgment, rather than the structure of regulation, is key to effective financial supervision, Hector Sants, chief executive of the Financial Services Authority, said the day after Chancellor George Osborne announced the regulator will be abolished.
“I don't really consider structure is the central issue,” said Sants, who Osborne has persuaded to stay on for an extra three years. “I consider making good judgments is the central issue.”
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The essence of the thinking behind the Risk-Based Performance methodology is to provide the framework, process, tools and information which inform the good judgment of management teams.
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