Is the banking system safer, simpler and fairer?

THIS week in Singapore, fresh from the G20 meetings in Brisbane, Bank of England governor Mark Carney delivered a major speech outlining the future of financial reform.

As current chairman of the Financial Stability Board (FSB), tasked with coordinating global financial stability efforts, he patted himself on the back that the Brisbane meeting had completed the monumental task of designing a post-crisis system of prudential regulation. The tough job ahead is implementation.