Financial Services Regulation Bill

The Queen’s Speech gave confirmation of an overhaul of the regulation of financial services “Legislation will reform financial services regulation to learn from the financial crisis …” which is supplemented by a release on the official site of the Prime Minister’s Office.

The latter advises that the Financial Services Regulation Bill “… would give the Bank of England control of macro-prudential regulation and oversight of micro-prudential regulation”.

It’s interesting to note the Bank being given responsibility for the oversight of micro-prudential regulation which could either suggest the FSA having the Bank of England as its boss … or even that the FSA will have no further role to play. However the latter is probably unlikely.

The establishment of the FSA took four years and in reality was simply the old self regulatory organisations (IMRO, SFA etc.) ‘rebranding’.

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