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Turner: keep watch on foreign banks
HOST states should be allowed to take “proportionate and measured” steps to restrict activities of bank branches if weaknesses are not adequately addressed by the home regulator, Financial Services Authority chairman Lord Adair Turner said yesterday.
Speaking about the collapse of the Icelandic banks and the repercussions that had in the UK, he said host states should have the right to receive all prudential information about entire banking groups.
Turner also addressed the contentious issue of the planned European directive on alternative investments. He said he welcomed some of the proposals but said some of the provisions created the danger of “overly prescriptive regulation”.