Detail of outcome
The government received over 200 responses from financial services firms, including banks, building societies, insurance firms, Independent Financial Advisors, exchanges, brokers and related trade associations, as well as consumer representatives
This consultation ran from to
Seeking views to reform the UK's financial regulatory framework.
The Government’s proposals to reform the UK’s financial regulatory framework, providing the Bank of England with control of macro-prudential regulation and oversight of micro-prudential regulation.This outlined the Government’s intention to:
- a Financial Policy Committee in the Bank of England;
- a new Prudential Regulation Authority, as a subsidiary of the Bank; and
- an independent consumer protection and markets authority – the Government has since decided that this body will be called the Financial Conduct Authority (FCA).
The government received over 200 responses from financial services firms, including banks, building societies, insurance firms, Independent Financial Advisors, exchanges, brokers and related trade associations, as well as consumer representatives.
The Government published a summary of responses to its consultation along with all formal, written responses received (except where confidentiality was requested by the respondent).
In addition to a summary of consultation responses, this document confirms the Government’s decisions, that:
- the UK Listing Authority will remain within the FCA’s markets division; and
- the FSA’s criminal enforcement powers in relation to market conduct will be retained within the FCA at this time.
The document also sets out the Government’s preliminary conclusions on key themes raised by respondents to the consultation.
Informed by responses to the July consultation, in February 2011 the Government presented further detailed policy proposals, in ‘A new approach to financial regulation: building a stronger system’.
Following this consultation, the Government intends to present a draft Bill for pre-legislative scrutiny in spring 2011. Subject to Parliamentary timetabling, the Government intends to introduce legislation to Parliament in mid-2011 and the passage of legislation is expected to take around a year. The new regulatory framework is anticipated to be in place by the end of 2012.