THE CHAIR of an influential parliamentary committee on banking has today written to the new City watchdog demanding to know how the regulator will “bear down” on proprietary trading.
Andrew Tyrie, chairman of the Banking Standards Commission, has asked the incoming chief executive of the prudential regulation authority (PRA) Andrew Bailey how he is going to implement the committee’s findings.
“The PRA should be given the opportunity to try to bear down on proprietary trading. A Volcker-style ban may subsequently be needed,” Tyrie said.
City A.M. Reporter