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Legal Briefing
Replacing the FSA: the Government's proposals
Practice Area: Regulation and Compliance
Sector: Investment Management
Jurisdiction: England & Wales
Published: 28 July 2010
Law Firm: Baker & McKenzie
Overview
The Coalition Government has proposed a major structural overhaul of the banking and financial services regulatory framework. The Government proposes the establishment of three new regulatory bodies to take over the role of the Financial Services Authority (FSA).
The Prudential Regulation Authority (PRA) will be responsible for prudential regulation of all deposit taking institutions, insurers and investment banks, while the Consumer Protection and Markets Authority (CPMA) will be responsible for consumer protection, conduct of business regulation and market integrity issues. In addition, a new Financial Policy Committee will be established with responsibility for ‘macro-prudential’ regulation and policy.
The Treasury issued its Consultation Document ‘A New Approach to Financial Regulation: judgement, focus and stability’ on 26 July 2010. The consultation period will close on
18 October 2010.
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