A quick guide to new bank regulation
The current responsibility for financial regulation in the UK is exercised by the Financial Services Authority. From next year, the new Financial Services Bill will create two regulators: the Provincial Regulatory Authority and the Financial Conduct Authority.
The Prudential Regulatory Authority will be responsible for the regulation of banks and insurance companies, and the Financial Conduct Authority will be responsible for the regulation of market practice and consumer protection.
The Bank of England's Financial Policy Committee will have overall responsibility for financial stability.
Professor Kern Alexander, adviser to the European Parliament on financial regulation, told The World At One that although "the corporate governance of banks has been appalling and the Barclays case is an example of this, the institutional reshuffling of regulatory responsibility will not prevent abuse in the future".
17 Jul 2012
- From the section Business