Hoban launches Financial Services Bill

27 January 2012 at 16:57

Hoban launches Financial Services Bill A new bill has been launched by the government, aiming to improve the current regulatory framework governing the financial services sector.

Financial secretary to the treasury Mark Hoban announced the Financial Services Bill, which will see the Financial Services Authority (FSA) abolished in favour of three new bodies.

The Bank of England will be given jurisdiction over the Financial Policy Committee and the Prudential Regulation Authority, which will be responsible for macro and micro regulations respectively to ensure stability.

A Financial Conduct Authority will also be established as an independent organisation to oversee conduct regulations.

"This government has taken the necessary action to tackle the difficult and dangerous legacy left behind by the financial crisis, including a tripartite structure not fit for purpose," said Mr Hoban.

"We've listened to the views of stakeholders following an unprecedented period of consultation, and are determined to strengthen the financial system in a way that safeguards financial stability and protects consumers." ADNFCR-3006-ID-801277349-ADNFCR

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