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CII Briefing: HM Treasury blueprint on reforming financial regulation in the UK

Following the Chancellor's June Mansion House speech, the Treasury has published a consultation setting out in more detail the Government's plans for a radical overhaul of the UK's financial regulatory architecture.

Systemic/Prudential Supervision:

The Bank of England will have responsibility for supervising firms' prudential and systemic risk functions:

§ Financial Policy Committee (FPC): this new independent grouping will operate alongside the existing Monetary Policy Committee, and will be responsible for monitoring and limiting systemic risks to the financial system.

§ Prudential Regulatory Authority (PRA): the new prudential regulator will act as a subsidiary of the Bank of England. It will carry out the prudential regulation of financial firms, including banks, building societies and insurance companies. Hector Sants will be Chief Executive.

Conduct of Business Regulation:

§ Consumer Protection and Markets Agency (CPMA): would deliver the second "peak" of regulation covering conduct of business regulation including consumer protection as well as wholesale markets. It will regulate allfirms, both retail and wholesale.

Implementation:

Legislation will be brought before Parliament in early 2011 with a view to implementing it by 2012. In the meantime a number of transitional measures will be undertaken.

 

To read the full article, please see the attached document.

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