A New Regulatory Landscape Takes Place in 'the City' - UK

Under new proposals that will be outlined by the Government there will be three Regulatory agencies that will be responsible for upholding the soundness of the overall financial system in the UK.


No. 1 - Financial Policy Committee (Under the Bank of England) Responsible for:-

>Headed by Mervyn King, Bank of England Governor<

• Systemic Risk - macroprudential supervision
• watch for and deflate credit bubbles
• monitor shadow banking

No. 2 - Prudential Regulatory Authority (Under the Bank of England) Responsible for:-

>Headed by Hector Sants<

• oversight of safety and soundness of banks and insurers - microprudential supervision

No. 3 - Financial Conduct Authority (Independent Agency) Responsible for:-

>Headed by Martin Wheatley<

• investor protection
• market supervision and regulation
• business conduct of banks and financial services
• civil enforcement of market abuse rules
• UK listing authority

Source: Financial Times, Thursday February 17th