Articles - Government publishes Financial Services Bill


 The Government has today published legislation which will fundamentally transform and strengthen financial regulation in the United Kingdom, Financial Secretary to the Treasury, Mark Hoban, has announced.
 The new regime sets out a clear, coherent and comprehensive regulatory framework, replacing the uncertainty and inadequacy of the previous structure, and helping to mitigate against future risks to stability.

 The Bill:

 Gives the Bank of England responsibility for protecting and enhancing financial stability, bringing together macro and micro prudential regulation;
 Abolishes the Financial Services Authority (FSA) and creates a strengthened regulatory architecture consisting of the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority, also providing them each with clarity of responsibility and the necessary powers to ensure the stability of the financial sector and the protection of consumers; and
 Empowers authorities to look beyond 'tick-box' compliance and fosters a regulatory culture of judgment, expertise and proactive supervision.
 Today's Bill has been shaped by extensive consultation with both stakeholders and Parliament and, while the fundamental elements of the new framework are in line with the model put forward by the Chancellor in 2010, contains a number of refined policy proposals, including measures to:

 Legislate for a new crisis management regime, providing greater clarity and accountability to protect the taxpayer during times of crisis by providing the Chancellor with new powers over the Bank of England where public money is at risk; and
 Transfer responsibility for regulating consumer credit to the Financial Conduct Authority to better protect consumers.
 Mr Hoban said:

 "This Government has taken the necessary action to tackle the difficult and dangerous legacy left behind by the financial crisis, including a tripartite structure not fit for purpose. We've listened to the views of stakeholders following an unprecedented period of consultation, and are determined to strengthen the financial system in a way that safeguards financial stability and protects consumers."

 
  

Back to Index


Similar News to this Story

How to save on risk lines using analytics
Shield your organization both from unnecessary costs and insurance shortfalls. Risk analytics can help you drive optimized risk retention, insurance
The continued outlook for the bulk purchase annuity market
The bulk purchase annuity (BPA) market has demonstrated remarkable resilience despite shifting economic conditions. Demand remains strong, but the con
Its all coming back to mean now
A common argument in favour of equity investments is that, even though they go down, they will bounce right back up again. Effectively, this implies m

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.