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Report urges specific proposals to progress financial regulation

15 Jan 2010

ACCA has published a new paper in which it urges regulators and businesses to engage in a common sense business dialogue to ensure that global financial regulation heads in the right direction in 2010.

In the policy paper, entitled The Future of Financial Regulation - An Update, ACCA calls for changes, including better ethics training for all directors including non-executive directors, the implementation of a US-style Consumer Financial Protection Agency in Europe and the urgent need for company boards to upgrade their risk functions. 

'We need to see specific proposals to turn the G20's stated pledge to see integrity in financial institutions turn into reality,' said Ian Welch, ACCA's head of policy and co-author of the report. 'The way to do this is for both businesses and regulators to agree on ways to instil and implement ethical business codes in our financial and corporate sectors.

John Davies, ACCA head of business law, added: 'It is still too early to give a definitive view of the regulatory landscape as proposals are still being consulted on at national and global levels.

'The debate will go on way into 2010. But some of the key points made by ACCA have been followed, notably on the welcome maintenance of national supervision as the bedrock of regulation.'