0:00
Kemi Badenoch, the uh Conservative
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leader, has announced a regulatory
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overhaul of banking rules. That is, of
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course, if she was to be elected Prime
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Minister at the next general election.
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>> This is nothing short of a Badenoch
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banking blitz. I think it's what many in
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the city have been wanting to see from
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the Treasury for probably a couple of
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years now. Well, definitely since Labour
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came into power. She's going to go to uh
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CityUK's annual conference today. I
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think it's been a real been framed as a
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real step for her efforts to woo the
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city. And we're seeing some of these big
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axe-wielding moves that they've wanted
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for so long. So, two big ones: scrapping
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the FOS, that's the Financial Ombudsman
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Service, and scrapping ring-fencing.
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Now, these are two really big parts of
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banking regulation, post-financial
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crisis banking regulation, that have
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been industry gripes for a while now.
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And she's framing it as a move to get
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this capital that banks have to keep to
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meet regulatory requirements back into
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the economy, more investment, more
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lending, to I guess get the economy
