British banking damaged by slow supervisors

TheCityUK said The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority were taking steps to speed up authorisations, but further action was needed. — Reuters

LONDON: Britain’s regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector’s global competitiveness, industry body TheCityUK says in a report.

Complex, opaque and slow authorisations, such as for a new chief executive or a new product, can discourage growth and investment, the report stated.