Prudential Regulation Authority chief defends much criticised reversal on burden of proof and changes to bank ringfencingTop policymakers at the Bank of England have defended last week’s dramatic government U-turnto water down rules intended to get top bosses of banks more accountable for their actions.label Carney,governor of the Bank of England, and Andrew Bailey - one of his deputies who runs the Banks regulation arm, or the Prudential Regulation Authority - also defended the implementation of rules intended to separate tall street banks from riskier investment banking operations following Sir John Vickers’ proposals in 2011. Related: The banking crisis,seven years on: how much has changed? Continue reading...
Source: theguardian.com