Being clear and up-front on our supervisory approach – on our greater willingness to intervene and to enforce our requirements – is desirable not only in terms of transparency but also accountability. Setting out our approach publicly, which we will do in more detail in coming months, will help build confidence and commitment to our enhanced supervisory model.
A more intensive approach also means working more closely with industry. We are committed to establishing a ‘best regulator-regulated’ relationship; to open, knowledgeable and constructive discussions, recognising that that there can be a divergence of views and interests.