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LATEST NEWS & EVENTS Cost of banking reforms 'need to be established'  Banking reforms being planned by the government in the wake of the credit crunch need to have their costs set out prior to implementation, it has been claimed. According to the British Bankers' Association (BBA), while many of the proposals are welcome, it may be the case that the "final bill" for them would be significantly more costly that estimates suggest. It made its remarks in the wake of the release of the Treasury's consultation on ideas to overhaul the UK's financial services sector. Among the plans supported by the BBA was one under which the tripartite system would be upgraded. Chief executive of the organisation Angela Knight said: "Banking is the backbone of the UK economy and we support moves to modernise how it is regulated, as well as how the UK financial services industry can work in partnership with markets in other countries." However, the BBA is concerned that the plans could be costly and counterproductive when taken together, she added. Headquartered in London, the BBA is an association for Britain's banking and financial services sector. 
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