A fresh look at the body of regulation in each key area should offer scope for simplifying the framework, including the removal of redundant regulations. Third, we need to step back and look at the consistency and coherence of the whole regulatory regime.
For example, do the changes to capital and liquidity requirements have implications for the prudential policies in other areas such as disclosure or governance? Is our alignment with international standards appropriate? Do we have a consistent approach between banks and non-banks?