“The financial system should neither cause nor amplify a downturn in overall economic activity, and should perform its functions even in periods of stress.” Our definition of “financial stability” may have sounded abstract up until now – but the pandemic has shown in very tangible terms how important a functioning financial system is for the economy.
We have put in processes that are transparent, predictable and consistent. Firms that are engaging with us will find us open, engaged and pragmatic. But they will not find that we are willing to compromise on the need for governance and control arrangements to be commensurate with the size, scale and complexity of operations.