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G20 told to learn from UK

G20 told to learn from UK

Category: Economy

Updated: 01/04/2009
First Published: 01/04/2009

MONEYFACTS ARCHIVE
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The world's most powerful leaders have been told that the UK's recent review of financial regulation should serve as a template for how banks could work with governments, regulators and central banks to reform the banking system.

Speaking ahead of the G20 summit in London, the chief executive of the British Bankers Association (BBA), Angela Knight, said the UK, as the largest international financial centre, had been more exposed to the global financial crisis than many, but that most members of its banking industry were managing effectively.

Amongst the BBA's recommendations to the G20 was a realistic appraisal of what needs fixing first.

"We need to focus initially on restoring the world's credit markets, then look at the economic evidence for global reform on issues such as hedge fund regulation, offshore financial centres and executive pay," said the trade body.

A commitment to embrace free trade, the reform of international institutions such as the Basel Committee and the ongoing financing of institutions such as the International Monetary Fund were also on the BBA's wish list.

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