The new Financial Regulator, Matthew Elderfield, has outlined his plans for reforming the supervision of banks, pledging a tougher approach to big banks.
In his first public speech since taking up the position, Mr Elderfield said he intended to pursue a policy of 'assertive' regulation, backed up by the credible threat of enforcement.
He told an accounts lunch in Dublin this afternoon that there would be a need for a 'substantial' increase in resources as a result.
Mr Elderfield said he also planned a package of measures on corporate governance, including guidelines on pay and tougher requirements for directors of financial firms.
Mr Elderfield, who was formerly chief executive of the Bermuda Monetary Authority, took up his new position in January.
