Banks are increasingly in direct competition with securities firms and insurance companies. New technology and financial innovation have clearly affected the way in which many firms manage their business. They have also put stress on many aspects of traditional legal, regulatory, and accounting frameworks. Over the past decade bank supervisors have learned some important lessons in this regard.
I am sure that many of you here this evening are already familiar with the CISI’s work. For almost 20 years, the CISI has been recognised as the leading professional body for the investment industry in the UK. It now has over 40,000 members in 89 countries.