New structure for UK financial regulation from 2012
We have submitted a formal response to the UK Government consultation from HM Treasury on the restructuring of regulation. The Government plans to create a Financial Policy Committee, and Prudential Regulatory Authority as part of the Bank of England, and the Consumer Protection and Markets Authority which together will replace the Financial Services Authority.
We have highlighted the pressures on small firms and the potential burden of unnecessary changes to the regulatory structure, particularly in these tight economic times. We have called for robust accountability mechanisms in the new structure. We also said the new regulators must have to take into account the impact on competitiveness and diversity of the marketplace on its actions - and so be aware of the impact on smaller firms.
We have also submitted evidence to the current Treasury Select Committee Inquiry on this subject, and expect to give oral evidence in November 2010.
We will continue to take an active part in the debate on the future of financial regulation. If you have ideas or experiences that could contribute constructively to the Panel’s opinions and debates on this topic, please do use the feedback form below.
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