Bank of England Governor Bailey & Former Fed Vice Chair for Supervision Quarles to Discuss 'Supervisors on Supervision'
WASHINGTON, VA, UNITED STATES, July 31, 2025 / EINPresswire.com / -- Starling today announced the pending launch of a new Deeper Dive report, 'Supervisors on Supervision,' following on the heels of a global stocktake exercise that has convened dozens of senior-most financial sector supervisors worldwide. The study collects emerging views regarding reform efforts aimed at culture risk governance and supervision.
Building on calls-to-action sounded in its acclaimed Compendium series, on Monday 22 September Starling will release a Public Exposure Draft of the new report at an event hosted by the Forum on Financial Supervision, at the London School of Economics' Systemic Risk Centre.
Andrea Enria, former Chair of the Supervisory Board of the European Central Bank, and a founder of the Forum on Financial Supervision, will lead the event. Starling CEO Stephen Scott will present the report's core findings, and Clay Lowery of the Institute of International Finance, will lead a panel discussion to involve senior industry figures who will explore the report's key themes.
Randal K. Quarles, former US Federal Reserve Board Vice Chair for Supervision and past Chair of the Financial Stability Board, is chairing the Starling Insights stocktake effort and subsequent report production. To close out the evening, he will lead a fireside chat with Bank of England Governor and current FSB Chair Andrew Bailey, to explore the Starling report's findings and implications.
Since the Global Financial Crisis, prudential and conduct regulators alike have identified organizational culture as a root-cause of misconduct scandals and the recurrent failure of risk governance systems. Post-mortem studies of the 2023 banking sector turmoil have consistently concluded that supervisory culture itself contributed to lapses in the oversight of such risks, and to the failure of Silicon Valley Bank and the near-collapse of Credit Suisse.
And yet despite growing awareness of culture as a matter of supervisory, policy, and political concern, there has been no concerted global effort to define terms, agree upon a standard framework, or to identify metrics by which to gauge the efficacy of culture risk governance and supervision.
'I'm keenly aware that the most important aspect of a high-performing firm is its culture, and that building and maintaining a strong culture focused on making a fair long-term profit is probably the single most important task of a financial firm's leadership,' Quarles offered in remarks appearing in Starling's 2023 Compendium.
'We need a supervisory culture that is less focused on administration and more focused on key risks that can be measured and ameliorated — which again puts a premium on seeking to find ways to measure and monitor key cultural risks,' Quarles added. 'The more work we can do on identifying specific markers of culture, the more we can also make progress in developing ways to measure advancement in those markers, which is fundamental to making culture a subject of supervisory review,' Quarles said, pointing directly to the purpose of the Starling stocktake effort.
'Our 2025 Compendium highlighted a clear and urgent need to modernize culture risk governance and supervision,' said Stephen Scott, Starling's Founder and CEO. 'Contributors argue that this is central to maintaining the safety and soundness of institutions, to the promotion of economic growth and competitiveness, and to the restoration of supervisory legitimacy, which has suffered since the 2023 banking sector turmoil,' he added. 'We are honored to facilitate this crucial work, which brings together an unparalleled group of global leaders to establish a common baseline for what has come before and what areas are ripe for future development,' Scott said.
The 'Supervisors on Supervision' report enjoys support from chapter co-chairs, including: Wayne Byres, former Chair of the Australian Prudential Regulation Authority; Elizabeth McCaul, a former Member of the Supervisory Board of the European Central Bank; Carolyn Rogers, Senior Deputy Governor of the Bank of Canada; and Fernando Restoy, Chair of the Financial Stability Institute.
The report's release as a Public Exposure Draft is intended to solicit broad feedback from industry stakeholders, which will inform a Final Report to be released in early 2026. Registration for the London launch event is opening soon, and space is limited. Those with interest in attending the event should contact us at [email protected]. Media and others seeking information about the Supervisors on Supervision stocktake exercise may reach us at [email protected].
ABOUT THE STARLING COMPENDIUM
The Starling Compendium ( https://insights.starlingtrust.com/the-starling-compendium ) chronicles efforts to bolster trustworthiness in the financial sector through improved culture and conduct risk governance and supervision. The report is widely read by policymakers, regulators, investors, boards, executives, standard-setting bodies, scholars, and the media, worldwide. Since its 2018 inception, Starling Insights has been entrusted with the curation of deep thinking from a remarkable group of nearly 200 leaders worldwide who have contributed to the series.
ABOUT THE FORUM ON FINANCIAL SUPERVISION
The Systemic Risk Centre at the London School of Economics launched the Forum on Financial Supervision in June 2025. The Forum seeks to trigger a lively debate on the most prominent issues on financial stability, by releasing written policy contributions from senior representatives from supervisory authorities, academia, and financial industry. The Forum hosts opinions on regulatory and supervisory issues with a broad coverage (microprudential, macroprudential, conduct, anti-money laundering, amongst others), for all the segments of the financial sector (banks and non-banks), and with a global perspective.
ABOUT THE INSTITUTE OF INTERNATIONAL FINANCE
The Institute of International Finance (IIF) is the global association of the financial industry, with about 400 members from more than 60 countries. The IIF provides its members with innovative research, unparalleled global advocacy, and access to leading industry events that leverage its influential network. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth.
Cameron Lawrence
Starling Insights, Inc.
[email protected]
Visit us on social media:
X
Other
Legal Disclaimer:
EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
44 minutes ago
- Bloomberg
Modi Needs the White House Off His Back
What began as a US-China trade war has suddenly turned into an open and ugly confrontation between Washington and New Delhi. Donald Trump has escalated the conflict, but the onus for defusing it is squarely with Narendra Modi — and both sides know it. With two days to go before the US president's reciprocal trade taxes come into effect, he's doubling down on his threat to impose a 'substantially higher' tariff on India than the 25% already announced.
Yahoo
an hour ago
- Yahoo
Kelly McParland: Bowing to Trump would betray Canada
Prime Minister Mark Carney's post-midnight response to Washington's latest escalation of its tariff war was calm, measured, sensible and appropriate, everything the current regime in Washington is not. Canada, Carney said, will continue to negotiate in search of a reasonable agreement, notwithstanding the absence of any indication the U.S. is open to reasonable negotiations. What Washington wants is to continue operating what amounts to a global extortion racket, threatening all America's best customers with dire consequences if they refuse to bow to its demands and offer up supplication to whatever notion occurs to President Donald Trump at any given moment. It's well and good that Ottawa should keep up the attempt, even if the odds seem set against success. There's no use pretending this is a situation that can be handled in the traditional manner of friends and trading partners: a search for a fair-minded and equitable agreement that serves the interests of both parties. But we should keep trying, if only to demonstrate that the qualities of civility haven't broken down altogether, despite the U.S. administration's every apparent effort to ignore them. From the Trump administration's point of view, extortion has been working marvelously well to date. Japan has reportedly agreed to more than a half-trillion dollars in investments and loans in return for lowered tariffs. South Korea, according to Trump, will 'give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself.' The European Union accepted a pact to buy US$750 billion in energy and invest US$600 billion in the U.S., a deal virtually none of Europe's leaders were happy with, and which France openly denounced. Lesser entities have been similarly cowed. Paramount Pictures agreed to a $16 million payoff rather than risk challenging a spurious suit that threatened a much-sought US$8 billion merger. Columbia University is to pay the government US$221 million rather than lose access to federal funding. Harvard initially put up a determined effort to resist federal threats, but is said to be open to a $500 million settlement. Many of the agreements are fuzzy and open to interpretation. All have resulted from one thing: the fear and uncertainty generated by the knowledge that the U.S. government has become a one-man operation that operates solely by the whim of a president shown unfailingly to be unpredictable, unreliable and contemptuous of the law, of accepted standards and even of his own word. There is nothing to be gained by betting the prosperity of Canadians on any assurances offered up by Washington as long as Donald Trump remains president. What must be done is to defend the country's integrity, its sovereignty, its independence and its standing as a place where fairness, trust, honesty and dignity are still treated seriously as core values, even if other entities are willing to bargain theirs away. The extent of the danger in bowing to Washington was underlined in the last hours before the supposed Aug. 1 negotiating deadline. Upset that Ottawa would join France and Britain in declaring plans to recognize a Palestinian state, Trump declared it would make it 'very hard' to finalize a trade deal, effectively seeking to control Canada's foreign policy in addition to its economic practices. Trump has been president for just seven months and has been fortunate thus far in avoiding the forecast consequences of his policies. The stock market has been up, overall growth has been reasonable, and his targets have been capitulating rather than retaliating. But it's early days, and no winning streak lasts forever. It takes time for the impact of bad ideas to filter through. Already, the decline in tourism is being felt as people avoid the U.S. 'Where Did All the Las Vegas Tippers Go?' the Wall Street Journal wondered, noting that visits to the gambling mecca have fallen so drastically that Trump's 'no tax on tips' law has had little benefit. The rise in stock prices has been credited largely to Wall Street's belief that Washington wouldn't follow through on its tariff threats — Trump was the TACO president, as in Trump Always Chickens Out. Except this time, he didn't. The latest economic figures aren't encouraging: hiring has slowed, unemployment has risen, imports fell sharply in the second quarter after increasing in the first, sales are struggling, and second quarter growth figures still leave the economy at less than half the rate of a year ago. The U.S. dollar is weakening, the spiralling debt and burgeoning deficit are a direct threat to health and pension benefits many Americans depend on, and which have already been cut back under Trump's 'big, beautiful' mega-bill. The Brookings Institute notes that federal debt is at the highest level since the Second World War, and warns that spending at this level is unsustainable. MAGA world, meanwhile, shows signs of splinters. America being what it has become, the discord arises not from tariffs, economics, or the brutalizing of immigrants, but from anger at Trump's handling of the Epstein affair and his obvious reluctance to share full details of his involvement in it. The U.S. position on Israel is causing similar ructions. Representative Marjorie Taylor Greene, MAGA to her soul, denounced Israel's actions, asserting that while the October 7 Hamas attack was 'horrific… so is the genocide, humanitarian crisis, and starvation happening in Gaza.' Trump has been forced to backtrack on his relations with Israel's prime minister, his reluctance to ship weapons to Ukraine, his relations with Russian president Vladimir Putin, and on numerous pledges and threats that ran into spirited pushback. Bullying and bluffing are central to his demeanour, but he doesn't recoil from retreat when required; he just insists it's another success. He'll be gone in three years or so. He has effectively humiliated the Republican party, turning it into a personal vehicle of the sort common in the autocracies he admires. It's far from certain whoever succeeds him will manage a similar level of control. Republican heavyweights are frightened of Trump, debasing themselves in their willingness to cower before him, but no one likes to be humiliated, and it's just as likely his departure sets off both an ugly battle to replace him and a determination to ensure no other figure ever gains a similar ability to dictate their actions. Carney is correct in stating that Canada's job now is to focus on 'what we can control.' Our dependence on the U.S. has long been recognized as overdone and dangerous; it's just been too easy to resist. Trump has shown us the consequences of our own lethargy. Caving to Washington now buys us nothing. Trump's unpredictability means nothing he agrees to can be treated with certainty. No one wants to invest in a country whose economy is controlled by a foreign renegade who operates by whim. Canada's task is to set our own course and deal with the short-term consequences, as Ukraine has done in a far deadlier conflict, but one bearing the same choice: to stand by its independence as nation, protect its sovereignty, its pride and its heritage. It will be painful, but a country that values itself too little to withstand temporary distress soon risks being a country at all. National Post Irwin Cotler & Noah Lew: We support a two-state solution. But not this way Michael Higgins: Mark Carney abandons Canadian principles for pinky promises on Palestine Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here.
Yahoo
an hour ago
- Yahoo
Morning bid: Bad news is good news for markets craving Fed 'rocket fuel'
A look at the day ahead in European and global markets from Rocky Swift Markets are trying hard to see the bright side of bad news in the United States, anticipating dour data will trigger the economic "rocket fuel" of Federal Reserve interest rate cuts so craved by President Donald Trump. Odds for a September cut now stand at about 94%, CME Fedwatch showed, from 63% last week. Market participants see at least two quarter-point cuts by year-end. The odds shot up after disappointing non-farm payrolls data on Friday, causing equity markets to swoon and Trump to shoot the messenger, firing the head of labour statistics and promising to replace her within days. Institutional independence is turning into a short bet in the U.S. The early resignation of Fed Governor Adriana Kugler will let Trump pick her successor, adding to concerns about partisan loyalty invading the staid world of central bank policy. Asian markets followed gains on Wall Street, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.4%. South Korea's Kospi stood out with a 1% jump, while Vietnamese shares traded near a record high. Data today from the region's two biggest economies showed resilience in their service sectors in the face of headwind from Trump's chaotic introduction of tariffs on goods from trading partners. In Japan, the S&P Global final services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June for the strongest expansion since February. China's services activity last month expanded at its fastest pace in more than a year. A slew of PMIs for July are due for release today across Europe. In earnings, the second-quarter U.S. results season is winding down, but investors are still looking forward to reports this week from big names including Walt Disney and Caterpillar. Equity futures are pointing to gains in European and U.S. markets, with the pan-region Euro Stoxx 50 futures up 0.13% and the S&P 500 e-minis rising 0.14%. Key developments that could influence markets on Tuesday: * France industrial output for June * July purchasing managers indexes in France, Germany, eurozone, Britain * Europe earnings: Diageo, BP, Deutsche Post, Telecom Italia * U.S. earnings: Caterpillar, Pfizer, Yum! Brands, MarriottInternational, Fox Corp Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. (By Rocky Swift; Editing by Christopher Cushing) Sign in to access your portfolio
