UK to boost bank resolution toolkit after SVB collapse shortcomings - reports

City minister Bim Afolami

Cristian Angeloni
clock • 1 min read

The Treasury is set to open a consultation aiming to strengthen the UK’s bank resolution toolkit, after shortcomings in the sector were exposed by the collapse of Silicon Valley Bank.

Economic secretary to the Treasury Bim Afolami told Bloomberg that, although the collapse of SVB showed the UK resolution regime worked, businesses' rush to withdraw money in the aftermath showed the need for it to be solidified. London Capital & Finance scars raise risk concerns over LTAFs among MPs Although he did not provide a timeline, the City minister said the consultation will come "quite soon". He told Bloomberg News: "When the consultation comes out, there will then be a debate about exactly how best to get that strong foundation for institutions that may not be covered at...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

FCA plan to publicise investigations sparks industry concerns

FCA plan to publicise investigations sparks industry concerns

Targeting improved transparency in enforcement cases

Sahar Nazir
clock 27 February 2024 • 3 min read
FCA commits to speeding up enforcement investigations in policy overhaul

FCA commits to speeding up enforcement investigations in policy overhaul

Transparency and accountability drive

Valeria Martinez
clock 27 February 2024 • 2 min read
FCA revamps investigations policy with greater focus on 'public interest' - reports

FCA revamps investigations policy with greater focus on 'public interest' - reports

‘More transparency’

Eve Maddock-Jones
clock 27 February 2024 • 1 min read
Trustpilot