2011年-IMF国际货币组织全球_United_Kingdom_Report_on_the_Observance_of_Standards_and_Codes_79页_763kb

Summary of the United Kingdom Report on the Observance of Standards and Codes (July 2011)

Core Content

This document is a Report on the Observance of Standards and Codes (ROSCs) prepared by the International Monetary Fund (IMF) as part of the Financial Sector Assessment Program (FSAP) in the United Kingdom (U.K.) during January-March 2011. It evaluates the U.K.'s compliance with the Basel Core Principles (BCP), Insurance Core Principles (ICPs), IOSCO Principles, and CPSS Core Principles for payment and settlement systems. The report highlights the U.K.'s high level of compliance with the BCP, but also identifies areas needing improvement, particularly in light of the financial crisis.

Main Findings and Recommendations

Basel Core Principles for Effective Banking Supervision (BCP)

• Compliance: The U.K. has a high level of compliance with the BCP, but the process is still at an early stage.
• Challenges:
  • The financial crisis revealed deficiencies in risk measurement and management at major banks.
  • Supervisors needed to improve their ability to identify and address weaknesses.
  • The introduction of macro-prudential oversight added complexity and uncertainty.
• Recommendations:
  • The FSA should continue its efforts to implement planned enhancements and maintain intensive supervision.
  • Additional resources are required for prudential regulation and supervision, including enhanced skills and staff.
  • The FSA needs to improve its focus on credit risk with more detailed, regular, and proactive reviews.
  • The FSA should strengthen its corrective and remedial powers and ensure that interventions are based on the seriousness of issues.
  • The U.K. should consider extending FSA powers over unregulated holding companies to improve consolidated supervision.

Insurance Core Principles (ICPs)

• Compliance: The U.K. has a strong regulatory framework for insurance, with the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) playing key roles.
• Challenges:
  • The FSA's regulatory objectives need to be more clearly defined.
  • There is a need for more detailed data and improved peer analysis.
  • The FSA should enhance its information reporting from banks and integrate review results with risk ratings and feedback.
• Recommendations:
  • The FSA should improve its supervisory approach by increasing the number of proactive deep-dive reviews.
  • There is a need for a more integrated and coherent supervisory framework.
  • The U.K. should continue to refine its prudential requirements and ensure alignment with international standards.

IOSCO Objectives and Principles of Securities Regulation

• Compliance: The U.K. has a well-developed securities regulatory framework, with the Financial Services Authority (FSA) playing a central role.
• Challenges:
  • Market risk and interest rate risk in the banking book require more detailed supervisory reviews.
  • The FSA needs to enhance its risk assessment methodologies and ensure more consistent application of supervisory techniques.
  • There is a need for better integration of risk ratings and feedback to bank boards.
• Recommendations:
  • The FSA should improve its supervisory approach by increasing the frequency and depth of reviews.
  • A more proactive and judgment-based intervention framework is necessary.
  • The U.K. should strengthen its market discipline mechanisms, including better disclosure practices and more professional skepticism from auditors.

CPSS Core Principles for Systemically Important Payment Systems (CHAPS)

• Compliance: The U.K.'s Clearing House Automated Payment System (CHAPS) is well-managed and robust.
• Challenges:
  • The system faces risks related to liquidity and systemic importance.
  • The FSA and BoE need to enhance their oversight and coordination mechanisms.
• Recommendations:
  • The FSA should ensure that the macro-prudential overlay does not divert resources from core supervision.
  • There is a need for better integration of risk assessment and peer analysis.
  • The U.K. should consider additional measures to enhance the resilience of CHAPS.

CPSS/IOSCO Recommendations for Securities Settlement Systems (CREST)

• Compliance: The Central Securities Depository (CSD) system in the U.K. is well-structured and operational.
• Challenges:
  • The system's resilience and transparency need to be further strengthened.
  • There are opportunities for enhancing the regulatory framework and improving market discipline.
• Recommendations:
  • The U.K. should improve its regulatory structure and ensure that the CREST system aligns with international best practices.
  • Enhanced data reporting and more detailed analysis are needed for effective peer review.

CPSS/IOSCO Recommendations for Central Counterparties (LCH.Clearnet Limited)

• Compliance: LCH.Clearnet Limited is a well-regulated and resilient central counterparty.
• Challenges:
  • The system requires more detailed oversight and better integration with regulatory frameworks.
• Recommendations:
  • The U.K. should improve its regulatory structure to ensure the continued effectiveness of LCH.Clearnet Limited.
  • The FSA and BoE should enhance their coordination and information-sharing mechanisms.

Key Information

• The U.K. financial system is highly complex and globally significant, with London as a major financial center.
• The financial crisis exposed weaknesses in risk management and supervision, prompting reforms.
• The FSA has taken significant steps to improve prudential regulation and supervision, but more resources and enhancements are needed.
• The introduction of macro-prudential oversight has added new dimensions to the supervisory framework.
• The U.K. has a well-developed legal and institutional framework for financial regulation and supervision, but it needs to be further refined and integrated.
• The report emphasizes the importance of market discipline, transparent regulatory objectives, and cooperation between regulators.

Conclusion

The U.K. has made substantial progress in aligning its financial sector regulation and supervision with international standards, particularly the Basel Core Principles. However, the financial crisis has highlighted the need for continued improvements in risk management, supervisory depth, and the integration of macro-prudential oversight. The FSA and other authorities are strongly committed to reform, but the implementation of these reforms requires sustained leadership, adequate resources, and enhanced coordination. The report serves as a comprehensive assessment of the current state of U.K. financial sector oversight and offers a roadmap for further improvements.