Trying to dodge the new product pineapple

Banking regulators' proposed rules for new product approval processes will require firm-wide 'know your customer' frameworks. Not surprisingly, banks have criticised the proposals. Ellen Leander reports

What has been is what will be, and what has been done is what will be done; there is nothing new under the sun

Ecclesiastes

While

philosophers may agree with this statement, US banking and securities regulators clearly do not. Over the past few years, corporate scandals such as Enron, Worldcom and Parmalat, have concentrated the minds of financial industry supervisors on new product approval processes. The creation or expansion of these processes has been widely mandated in the settlements firms