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PwC: Parliamentary report into banking standards
December 29, 2012
By Rob Starr, Content Manager, Big4.com
The latest parliamentary report into banking standards failed to show how ringfencing prevents bank failure and brought comments from Steve Davies, UK Retail Banking Leader, PwC.
“The Commission’s first report is an interesting contribution to the debate about how to implement ringfencing, however in highlighting issues such as derivative ringfencing, the Commission doesn’t appear to be addressing the banks’ and their customers’ urgent need for clarity, but is instead raising further questions around the White Paper,” he said. He also added that PwC remains unconvinced that, other than assisting in an orderly resolution of a failing bank, the ringfencing approach would really have any impact in preventing a bank failure, preventing a run on a bank, or preventing egregious practices that would place the bank’s future at risk.
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See pwc.com for more information.