Author : Great Britain. Parliament. House of Commons
Publisher :
ISBN 13 :
Total Pages : 322 pages
Book Rating : 4.:/5 (776 download)
Book Synopsis Financial Services Bill [2010-12]. by : Great Britain. Parliament. House of Commons
Download or read book Financial Services Bill [2010-12]. written by Great Britain. Parliament. House of Commons and published by . This book was released on 2012 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Services Bill was introduced to Parliament on 26 January 2012. The new system will give the Bank of England macro-prudential responsibility for oversight of the financial system and, through a new, operationally independent subsidiary, for day-to-day prudential supervision of financial services firms managing significant balance-sheet risk. The FSA will cease to exist in its current form. A proactive new conduct of business regulator will also be created to protect consumers, promote competition and ensure integrity in markets. The legislation implements these reforms by; 1)establishing a macro-prudential authority, the Financial Policy Committee (FPC) within the Bank of England, to monitor and respond to systemic risks; 2) clarifying responsibilities between the Treasury and the Bank of England in the event of a financial crisis by giving the Chancellor of the Exchequer powers to direct the Bank of England where public funds are at risk and there is a serious threat to financial stability; 3) transferring responsibility for significant prudential regulation to a focused new regulator, the Prudential Regulation Authority (PRA) established as a subsidiary of the Bank of England; 4) and creating a focused new conduct of business regulator - the Financial Conduct Authority (FCA) - which will supervise all firms to ensure that business across financial services and markets is conducted in a way that advances the interests of all users and participants.