Banks 'intellectually dishonest' in fight against reform

A Financial Policy Committee member has branded lobbying tactics by banks against tighter financial regulation as "intellectually dishonest and potentially damaging".

In remarks before a debate last night, Robert Jenkins, who was appointed to the committee in July, spoke about the fight against banking reforms in the UK and internationally, which will require financial institutions to have higher capital reserves and put limits on leverage. He said the initial tactic, to deny the need to reform after the financial crisis, was ‘dumb'. However he said subsequent lobbying was successful and led to the Basel III proposals being watered down and delayed until 2019. Jenkins then chided the industry for its recent tactic, of suggesting the speed of ref...