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News - 8 April 2013

UK financial regulation overhauled

www.netaccountants.net/news/index.phphe UK's banking regulator, the Financial Services Authority (FSA), has been abolished and replaced with two successor organisations.

The changes mark the end of the system set up by the previous Labour government.

From 1 April, the Prudential Regulation Authority (PRA) will ensure the stability of financial services firms and be part of the Bank of England.

The Financial Conduct Authority (FCA) is now the City's behavioural watchdog.

The Bank of England has also gained direct supervision for the whole of the banking system through its powerful Financial Policy Committee (FPC), which can instruct the two new regulators.

The regulatory changes see the Bank of England - which gains a new governor, Mark Carney, in July - gain much more control over the functioning of the financial system and are the biggest changes to the central bank since it was given its independence in 1997.

The FSA was criticised for failing to spot the lending boom and subsequent bust and for not curbing the risky trading of banks, which ended up seeing banks like Northern Rock, Royal Bank of Scotland and Lloyds collapse and resulted in the bail out by the taxpayer following the global financial crisis in 2008.

Lavinia Newman, founder of ABDS comments:
“The existence of the FPC was formalised in the Financial Services Bill, the parliamentary bill passed earlier this year which overhauled the financial regulatory framework.”

If you need any help and advice for your business on financing, cash-flow, management accounts, business development or any other business related matter contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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