The Bank of England: 1950-1979, Cambridge, Cambridge University Press, 2010. Debbage, S. and Dickinson, S. ‘The rationale for the prudential regulation and supervision of insurers’, Bank of England Quarterly Bulletin, Q3 2013  De Ramon, S J A. Francis W B. and Milonas, K. Staff Working Paper No. 652: An overview of the UK banking sector since the Basel Accord: insights from a new regulatory database, 17 March 2017: http://www.bankofengland.co.uk/research/Pages/workingpapers/2017/swp652.aspx  Fforde, John. The Bank of England and Public Policy: 1941 -1958, Cambridge, Cambridge University Press, 1992. Financial Servies Authority (FSA) website  Finsinger, Jorg. and Pauly, Mark V. The Economics of Insurance Regulation: A Cross-National Study, London, Macmillan, 1986. 25  All speeches are available online at www.bankofengland.co.uk/speeches  25  Foot, Michael. ‘The FSA: The first six years’, Journal of Financial Regulation and Compliance, Vol. 12 Issue. 3, (2004), pp. 201-205 Gardener, Edward (ed). UK Banking Supervision: Evolution, Practice and Issues, London, Allen & Unwin, 1986. Goodhard, Charles. The Basel Committee on Banking Supervision: A History of the Early Years, 1974 – 1997, Cambridge, Cambridge University Press, 2011. Gower, L.C.B. ’Review of Investor Protection’, Presented to Parliamnet by the Secretary of State for Trade and Indutstry, January 1984. Hall, Maximilian, J.B. Banking Regulation and Supervision: A Comparative Study of the UK, USA and Japan. Hants, Edward Elgar Publishing, 1993. Hall, Maximilian, J.B. Handbook of Banking Regultation and Supervision, Hertfordshire, Woodhead Faulkner, 1993  Hansard: http://hansard.millbanksystems.com/commons/1997/may/20/bank-of-england-and-financialregulation  Kynaston, David. City of London: the history, London, Vintage Books, 2012. Moran, Michael.

Meanwhile, the Bank had established a Board of Banking Supervision ‘to advise the Governor on supervisory matters and oversee the implementation of the (reformed) Banking Act’  28  and the supervisory  24  Hall, Maximilian, J.B. Handbook of Banking Regultation and Supervision, Hertfordshire, Woodhead Faulkner, 1993, p.75 Ibid, p.95 26 Kynaston, p.79 27 Hall, p.77 28 Ibid, p.23 25  8  All speeches are available online at www.bankofengland.co.uk/speeches  8  function was further expanded. And this brings me back to the collapse of Barings Bank in 1995, following which a report into the existing supervisory arrangements was commissioned from the (now also-collapsed) Arthur Andersen, which in 1996 set out recommendations to overhaul the Bank’s supervisory approach. What you can see in all this is that supervision is not a static game, and has to move with the times. But there are also some constants. In particular, although we have moved a very long way from the supervisory practices (and hairstyles, other than the resurgence of beards amongst male supervisors) of the 1970s, we have maintained the view of our predecessors that supervision cannot be a narrow, tick-box, compliance exercise, and that judgement plays a key role. Building society supervision  The merchant and trading banks of the City of London were no doubt significant in the world of wholesale international finance. But there was another group – the building societies – that served a critical function in servicing the UK economy, particularly retail customers.