A New Approach to Financial Regulation in the UKAug 2010 | Client publication/article
Examines the Government's proposals for reform of UK financial regulation set out in the Treasury's July 2010 consultation paper 'A new approach to financial regulation: judgement, focus and stability'.
This paper looks at the proposed vertical and horizontal division of responsibilities between the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA). It also considers the role of the Financial Policy Committee of the Bank of England (FPC) within the proposals.
The paper further examines the:
- need for coordination between the PRA and CPMA
- division of responsibilities for the regulation of markets and infrastructure
- proposals for crisis management arrangements
- process for implementing the proposed reforms
The paper also considers the extent to which some of the open questions set out in our June 2010 paper 'All Change: the End of the Line for the FSA' have been answered.
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