News Details
21 Feb, 2011
Further shuffling of the chairs
Another day, another paper from HM Govt / FSA policy machine.
Comments are invited by 14th April on the latest in a series of proposals to reform Financial Regulation. Full details may be found at http://www.hm-treasury.gov.uk/consult_finreg_strong.htm
Key issues :
Set up a new Financial Policy Committee (FPC) which will be part of the Bank of
England, with responsibility for ‘macro-prudential’ regulation, or regulation of
stability and resilience of the financial system as a whole.
Set up the Prudential Regulatory Authority (PRA), an operationally independent subsidiary of the Bank of England, with responsibility for firm-specific regulation of financial institutions that manage significant risks on their balance sheets
Do away with Consumer Protection and Markets Authority and rename it "Financial Conduct Authority" (FCA). This body will assume responsibility for conduct of business regulation for Regulated Businesses.
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