BoE says will focus more selectively on banks

The Bank of England said on Thursday that banks should not be afraid of it becoming their regulator from 2012 as it will focus more selectively.

The Financial Services Authority supervises banks but is being scrapped and many of its powers handed to the Bank.

The FSA warned banks in 2009 to be "very afraid" as it sought to erase a light touch image by introducing an intensive and intrusive supervisory regime, such as vetting bank board member more closely and hauling market abusers before the court.

"We will be intensive and intrusive on the things that matter," Paul Tucker, deputy governor for financial stability, told British lawmakers.

"Distance, respect, professionalism, prioritisation, all those words, but we don't need people to fear us," Tucker said.

"We do need people to expect we will take action without fear on our part when we need to protect the stability of the financial system," Tucker added.

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BoE says will focus more selectively on banks

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