Hector Sants, CEO at the Financial Services Authority, said the U.K. will conduct and rely on its own stress tests of banks. "Regulators should not rely solely on the judgments made by firms or their auditors," he said. "We have to have the capability in house to make these judgments." Sants also said Britain likely will not force additional capital requirements on major banks without a global agreement. The U.K., the U.S. and Switzerland are pushing for extra capital requirements for systemically important financial institutions. Japan, Germany and France oppose the idea.

Related Summaries