EVENT: High Level Briefing on New Banking Regulations
Date: 4th December, 2013 Time: 06:00 pm - 07:30 pm
Government officials and experts from KPMG provided with a high level briefing on the new regulations and supervisory practices affecting U.K. banks, and in particular the London-branches of overseas banks, at an evening seminar on 4 December.
The briefing was led by Mr. Patrick Young, the Lead Associate at the U.K. Prudential Regulation Authority (PRA) responsible for overseeing banks from the MENA region operating in London. He was followed by two partners from KPMG who summarised the key advice that they give to firms on how to most effectively interact with regulators. Simon Hills, Executive Director of the British Bankers Association moderated the discussion and led the question and answer session.
The event was sponsored by KPMG’s London office.
Mr. Young explained that under the new regulatory regime, banks could expect to receive regular visits from PRA officials, even when the PRA is satisfied that the bank is not facing any immediate problems. He added that both Board members and senior executives could also expect to be challenged more forcefully than before on their business strategies, capital and risk management frameworks and corporate culture.
Giles Adams and Julian Morgan from KPMG outlined how they help firms to bring their risk management functions into line with the new, more stringent, regulatory requirements and they also discussed the role of Independent Non-Executive Directors.
During the question and answer session, all the panellists considered how the Banking Union in the Eurozone and the EU-wide authority of the European Banking Authority may affect the operations of London-based branch operations.
The event was followed by drinks and a buffet dinner.
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