The FSA encourages firms to participate in Basel Consultation
27/10/1999
The FSA today announced measures to assist in the consultation process on the Basel Committee for Banking Supervisions proposal for a new capital adequacy framework. These include the formation of a high-level Advisory Group to whom UK-based interested parties can pass their comments and a page on the FSAs web-site dedicated to the Review of the Basel Accord.
Michael Foot, Managing Director and Head of Financial Supervision at the FSA, said:
"The review of the Basel Accord is a subject of the highest importance and one on which it is vital for banks, building societies and investment firms to offer their views. We aim to promote an open consultation process focusing on the key issues and the Advisory Groups role in developing the UK view will be vital. A capital accord is not something you can reasonably revise every year or so this means that the current debate will be crucial in setting the scene for the next decade."
Membership of the Advisory Group is drawn from senior representatives of banks, building societies, the securities industry, trade associations and the Bank of England. The website contains contact details of members of the Advisory Group, non-confidential submissions that the FSA receives on the proposals and a direct link to the Bank for International Settlements website. The FSA has also held briefings to help firms and advisers get up to speed on issues and enable them to input effectively into the process.
Notes for editors
The Building Societies Association, the British Bankers Association, the International Swaps and Derivatives Association, the London Investment Banking Association and the Bank of England are represented on the Advisory Group.
The Basel Committee on Banking Supervision issued a proposal for a new capital adequacy framework on 3 June 1999. The consultation period closes on 31 March 2000.