Mervyn King has warned that central banks and financial institutions were contemplating tighter regulations in light of the current credit crisis
Accountancy Age, 01 Apr 2008
The governor for the Bank of England, has warned that central banks and financial institutions were 'extremely likely' to toughen regulation in light of the current credit crisis it was reported in the Daily Telegraph.
'It is too early to foresee clearly where the long-term direction will go. But serious thinking and a willingness to contemplate radical change will be necessary,' King said.
The tone, in his speech to the Bank of Israel, may stoke fears of a crippling new set of regulations. King said that 'radical change' was being contemplated for Wall Street and the City to combat future crisis.
King said: 'Much hard thought will need to be given to the structure and nature of banking regulation in the future.'
His comments reflect on the Financial Services Authority, the primary regulator, which recently announced its shortcoming regarding the Northern Rock debacle.
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