Banking sector is unique, says CBI

The banking sector is unique and a variety of particular systemic risks are associated with it.

Such is the opinion of John Cridland, deputy director-general of the Confederation of British Industry (CBI), who made his remarks after the publication of the Walker Review of corporate governance within the financial services sector.

Mr Cridland said that while the proposals made in the paper are - in his opinion - generally reasonable, the body is concerned about the risks of ’spill over’ from the review.

He stated that the CBI believes it would be ’wrong’ to impose new regulations on all companies, especially those that have little or nothing to do with the financial services sphere.

’The measures for banks look broadly sensible, but they need to be seen in the right context,’ Mr Cridland concluded.

Meanwhile, Simon Culhane, chief executive of the Chartered Institute for Securities & Investment, said that the organisation is pleased that Sir David Walker recognised that greater transparency is needed within the sector.ADNFCR-2318-ID-19484787-ADNFCR