Santander UK Chairman Doesn't See Problems In New Regulation

17th Jun 2010 13:47

LONDON (Dow Jones)--Banco Santander SA's (STD) U.K. Chairman, Terence Burns, said Thursday the bank doesn't foresee problems with Wednesday's announced changes to the supervision of the U.K.'s financial companies and markets, and that the previous arrangements weren't to blame for the financial crisis of 2008 and 2009. U.K. Chancellor of the Exchequer George Osborne on Wednesday outlined a plan to fold the supervisory powers of the Financial Services Authority into the Bank of England, after criticism that the regulator had fallen short on its duties in the lead-up to the financial crisis. So far, banks have said they welcome the move, though analysts say the powers of a new financial policy committee could result in limits being placed on some of their activities in times of stress. Speaking more broadly on the issue of new global financial regulations still being ironed out, Burns said most of the changes are welcomed and that the timing to implement them is the biggest concern. Meanwhile, Burns said it is no mystery that Santander would want to expand its small business lending capabilities in the U.K., after having placed a bid earlier this week for a branch network with a high concentration of small business clients that is up for sale by Royal Bank of Scotland Group PLC (RBS). -By Patricia Kowsmann, Dow Jones Newswires; +44 (0)20 7842 9295; [email protected] (Margot Patrick contributed to this article.) (END) Dow Jones Newswires June 17, 2010 08:47 ET (12:47 GMT)