The need for a new international focus

Lord Turner has openly acknowledged the mistakes made in regulation and provides a clear direction for restoring confidence in the future. London must be at the forefront of regulatory change to deliver a stable platform for banks to rebuild on.  London has achieved prominence in the financial markets on the back of its reputation for being a sound, safe environment, where people have the skills to deliver innovation and growth in financial services. 

The restoration of confidence can only be delivered if there is a greater degree of practicality and co-ordination about how banks are supervised when they operate across a number of different countries.  Practical, cross border co-operation on a day to day basis, sharing data, analysing risks of knock-on effects in other countries will give the financial system a much greater chance of avoiding the cross border crises that we encountered with the Icelandic banks and the collapse of Lehman Brothers.