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Influential Anglo-Swiss roundtable discusses the importance of delivering the right banking regulation

London, May 23, 2014 Senior bankers, policymakers and diplomats have gathered to discuss the need for consistent, proportionate regulation and the perils of protectionism at a summit in London.

Senior bankers, policymakers and diplomats have gathered to discuss the need for consistent, proportionate regulation and the perils of protectionism at a summit in London.

The 9th annual City of London – Swiss Financial Roundtable demonstrated that fragmented policy responses can undermine financial markets, undermine competition, undermine national economies and harm consumers.
The event focussed on three main points:

  • Areas where it is attractive or possible to converge or harmonise financial regulatio
  • Identify parties that can help with this process
  • Practical steps that can be taken to make policy responses more consistent

Speakers at the event included the Lord Mayor Alderman Fiona Woolf CBE, the Swiss ambassador HE Dominik Furgler, the British ambassador to Switzerland and Liechtenstein, the chairman of the BBA Sir Nigel Wicks, and the President of the Swiss Bankers Association Patrick Odier.

BBA Chairman Sir Nigel Wicks said: “It was vital that there was a regulatory response to the events of the last decade. However, policymakers working for global and national institutions do face difficult challenges when it comes to drawing up proposals that are consistent and do not overlap. Robust, appropriate and consistent regulation is not just in the interests of banks – national economies, financial markets and customers suffer when policy responses are fragmented or poorly co-ordinated. That is what this important forum aimed to address. We now have a firmer grasp of these challenges and have had productive discussion over ways banks and regulators can work together more effectively for the common good.”

President of the Swiss Bankers Association Patrick Odier added: “Constructive dialogue and improved coordination at all levels is now more important than ever to overcome the challenges we are facing. Early dialogue between policy makers, regulators and financial institutions is critical to develop balanced regulations and to maintain competitiveness of financial centres which benefits consumers through increased choice. Dialogue is also critical because we believe that regulation should not only be enforced or imposed, but also endorsed, in order to be efficient.”

Note to editors: The “City of London-Swiss Financial Round Tables” are organised jointly by the British Bankers’ Association and the Swiss Bankers Association. The first Round Table was held in London in June 2006. Since then, senior representatives of the British and Swiss financial services sectors have met yearly, alternating between London and Switzerland.