HM Treasury White Paper and draft Bill and FSA paper on the Financial Conduct Authority
The last few weeks has seen a flurry of papers on the new UK regulatory structure and its new authorities - the Financial Services Authority ("FSA") published this week its paper on the Financial Conduct Authority’s ("FCA") approach to regulation, and HM Treasury recently published its White Paper and draft bill setting out the blueprint for the new financial regulatory structure (following two earlier consultations). Along with two joint Bank of England and FSA papers on the regulatory approach of the Prudential Regulatory Authority ("PRA"), and the PRA’s approach to insurance supervision (published in May and June respectively), a clearer, although by no means complete, picture of what the UK regulatory landscape will look like and how it may operate in practice, is emerging. However there is still much work to be done before it is possible to understand operationally how the new structure will hang together and function.
To read a note analysing the two most recent papers, the FSA paper on the FCA and the White Paper, click here.