FSA official slams UK banks' preparedness for Basel II

UK banks are further behind in their preparations for Basel II than the UK's Financial Services Authority expected them to be, said Ian Tower, head of the risk review department of the prudential standards division of the regulator at a London conference on September 16.

“The industry starting point is not quite as advanced as one could have expected, given the debate that lead us to developing the advanced approaches of the new Basel Accord in the first place,” he said in prepared remarks at the FSA’s “Implementing the Basel Proposals in the UK” event. “Where we had hoped to compare and contrast between industry practices in the development of our own standards in areas where Basel requires it, we have found that many banks are still designing what their

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