This shouldn’t come as a surprise, since Lord Turner and Callum McCarthy before him, and more broadly the whole of the FSA have made important contributions to these recommendations.
I would especially emphasise: •  improving the quantity and quality of bank capital, especially for the trading book;  •  improved regulation and risk management of liquidity risk;  •  a risk-based approach to compensation in the financial industry;  •  counter-cyclical capital buffers; and  •  incorporating cyclical factors in published accounts.