Oct. 16 - The UK's new chief financial regulator Martin Wheatley says the watchdog may tone down its approach if banks get in line, but that success will be difficult to measure.
Success in in regulation. And he's a very very difficult thing to measure because in many respects it's the absence of things. It's the absence of bad things happening at the absence of -- setting. And and so in a sense if if we do the job UNC too much. The positive side he's he's we want products that on delivering what people want we want sabres that a saving for their long. We want. Small businesses able to access credit in a way that they struggled with recently. Such that the economy can rebuild. So that the test for us is a complex set of tests on the one hand it's the absence of certain things happening. So we don't want to see insider trading in the market we -- want to see market abuse in the market we don't want to -- -- products launched. But the positive side is we do want to see people saving for the -- We do want to see private individuals -- these companies having access to products having access to credit that allows them to grow that business. The the upper part of my question -- as we move forward in the economy continues to struggle. But what point can you see you regulate is pulling back a little bit toning down. This tough approach that standing behind right now. Well it's a good question look we would like to be able to. Reflect on the fact that firms have put consumers at the heart of the business and the -- was -- getting the right products the right price and then we can turn back. Our approach we -- not seeing that happening when we have to take a phone line and then have to make it quite clear but -- things have to change which is what we have been doing over the last year -- -- You mentioned much and I happen to him as the need not to be fearful. If you doing the right thing a couple of times in your speeches as a a conscious efforts at two toned down that the Hector -- beef be very afraid speech that he made a couple of years ago. When we we we don't want to be that she's tips. So box oratory about what we. -- the industry to be afraid don't know most -- that we just want good outcomes and and so frankly -- our approach is very much focused on Goodell comes.