Amendment to UK Banking Reform Bill is ‘misguided’, says Eversheds’ Brandman

Greg Brandman, partner and banking regulation expert at Eversheds, has said that the amendment added to the UK Banking Reform Bill is ‘misguided and ill informed’. 

He also said that it will considerably increase the regulatory burden on financial institutions and on the regulators without achieving any significant improvement in standards.

Brandman said: ‘The gateway for approval to hold a controlled function is already policed by the FCA and the PRA and is already subject to an assessment of the candidate’s competence.

‘I struggle to understand what more will be achieved by introducing an annual check, except to impose a further burden on banks that are already struggling to cope with the quantity of new regulation that has been imposed in recent years.’