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Legal Briefing
The proposed restructuring of the UK financial regulatory framework
Practice Area: Regulation and Compliance
Sector: Commercial and Retail Banking
Jurisdiction: England & Wales
Published: 26 September 2011
Law Firm: Shearman & Sterling
Overview
The UK Government has published a white paper and draft bill setting out further details of its proposals for a new structure of financial regulation. The FSA, currently the sole regulator of the financial sector, will be replaced with two bodies:
(i) a prudential regulator, to be known as the Prudential Regulation Authority; and
(ii) a conduct of business regulator, to be known as the Financial Conduct Authority. In addition, macro-prudential or systemic risk regulation will fall to a new Financial Policy Committee of the Bank of England.
The financial services industry is likely to face more intrusive and judgment-based regulation once the new structure is adopted.
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