In the Joseph Travers Lecture the Deputy Governor discusses the need for supervision in financial markets. He notes that there has been a veritable explosion of competition and innovation in financial markets and that ferment seems likely to continue. Against this background, the case for financial supervision is explained and the various forms it may take discussed.
The Deputy Governor concludes that supervisory authorities should adopt an eclectic and pragmatic approach, adapting their methods in a changing world, but continuously clear as to ultimate objectives. Financial institutions for their part must accept a continuing need for supervision, but individually must not draw from it any reassurance about the certainty of their own future.
The business of financial supervision - The Joseph Travers Lecture given by the Deputy Governor