UK proposes “college” law

Alistair Darling says supervisory colleges for pan-EU firms should be mandatory

The UK is arguing for new legislation that would make it compulsory for Europe’s member states to take part in supervisory “colleges” for insurers, banks and securities houses operating across Europe. Ahead of an Ecofin meeting to be held this month, which will largely consider how supervision is working in the current climate of market stress, UK Chancellor Alistair Darling has sent a proposal to ministers pushing forward the concept of lead supervisors for financial services groups.