Wednesday, March 18, 2009

The Turner Review

The Turner Review: A regulatory response to the global banking crisis

The Chancellor of the Exchequer asked me in October 2008 to review the causes of the current crisis, and to make recommendations on the changes in regulation and supervisory approach needed to create a more robust banking system for the future. This Review responds to that remit, focusing on the fundamental and long-term questions. It does not address the short-term challenge of macroeconomic management over the next few years, though it does comment on ways in which the transition path to new more stable arrangements must be managed in the light of that short-term challenge. And its focus is on banking and bank-like institutions, and not on other areas of the financial services industry.

Posted by 51ck-6-51x @ 12:40 PM (1815 views)
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12 thoughts on “The Turner Review

  • … The FSA Discussion Paper which accompanies this review considers possible implications for other financial services.

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  • “””
    Open questions for further debate
    29. Should the UK introduce product regulation of mortgage market Loan-to-Value (LTV) or Loan-to-Income (LTI)?
    “””

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  • Section 3.1 (page 106) of the Turner Report is what all the recent talk of a mortgage LTI cap has been about.

    The FSA will publish a paper in September that looks at LTV and LTI regulations in the mortgage market.

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  • shipbuilder says:

    Mmm, so from an ‘announcement’ to a ‘recommendation’ to a ‘look’ in September. The media management of this has been interesting.

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  • The government will set up another task force/ committee/ quango to oversea the proposed new regulations being looked at over the coming months, until they get ‘re-elected and’ nothing will happen. Don’t know who it was who quoted ‘1984’ and big brother – double-think, but this is the essence of governance and always has been. Absolutely no new ‘sweeping’ changes will happen until GB et al are either off the scene or back for another few years, although we will get plenty of bluster over the next few months. It’s going to prove to be very difficult pleasing all the different VI’s over the coming months, but NuLab will do it’s best, but this means very little will actually change. IMHO

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  • shipbuilder – The original news release on The Press Association’s news wire (whose Google cache has since been overwritten by another article on the same subject) stated that this was a rumour. Unfortunately no journalist seemed to reproduced the information and one of the first published articles was on This Is Money (part of Daily Mail And General Trust, via Associated Northcliffe Digital) where they stated “Lord Turner is expected to introduce the ban tomorrow” (i.e. today) when that was, in fact, the date the report was due to be published, not when anything would be implemented.

    Yet another example of why you should only ever read between the lines of the press.

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  • Yep. Bit of a wet fart in the end.

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  • bidin'matime says:

    But guys – the Beeb led with it this morning, so anything that talks the market down has to be good for us. Meanwhile, GB can claim credit if people like it, or disown it if they dont – business as usual…

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  • 51ck

    Thanks for all your input on this, very helpful. In fact more so than the turner report itself I’d say. I wonder how much the report cost us.

    Very poor reporting on the subject earlier in the week and I will learn to be more of a press sceptic in future. All that for a suggestion that may be looked at in September.

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  • well surely all this was was a way of trying to get people in panic mode that if they don’t get a mortgage NOW they might never get one . A way of trying to make a mini boom on property prices as people think if they wait until September they may not be able to borrow enough. A DISASTER! Leaves things worse before.

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  • tyrellcorporation says:

    The status quo is the new hard-hitting ruthless FSA. I hate to say (I really do) but I told you so.

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