The FSA will become the most powerful financial regulator in the world as a single agency responsible for the regulation and supervision of the full range of financial services. While questions of institutional structure raise important issues, they are of second‐order importance compared with the general approach, style and intensity of regulation and supervision that regulators apply. The objective of the paper is to outline some general principles to guide the regulation and supervision of banks so as to maximise the probability of objectives being achieved, while at the same time minimising the potential costs.
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