Bank of England plans to focus on destabilizing risks

11/29/2010 | Reuters

In 2009, the U.K. Financial Services Authority said banks should be "very afraid" as it planned to forgo its light-touch image for a tougher supervisory stance. The Bank of England is poised to gain many of the FSA's powers, and Paul Tucker, deputy governor for financial stability at the central bank, said banks should not be worried. "We will be intensive and intrusive on the things that matter," Tucker told British lawmakers. "Distance, respect, professionalism, prioritization, all those words, but we don't need people to fear us." One of the central bank's main focuses will be to curtail potentially destabilizing risks as soon as possible.

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