xz0n7
xz0n7
xz0n7
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Your money and the financial system Page 14<br />
How did the crisis change<br />
financial regulation in the UK<br />
It’s widely acknowledged there were failings of<br />
regulation during the financial crisis.<br />
During the crisis, the UK<br />
authorities – and others globally<br />
– lacked the tools to deal<br />
effectively with a failing bank.<br />
And no-one was responsible for<br />
regulation of the UK financial<br />
system as a whole.<br />
The weaknesses of regulation<br />
in the UK were addressed in<br />
new legislation to keep the<br />
financial system safe and sound.<br />
These changes built on public<br />
consultation.<br />
Other countries made similar<br />
changes.<br />
A package of major reforms in<br />
2013 created an independent<br />
Financial Policy Committee<br />
(FPC) at the Bank of England and<br />
two new financial regulators: the<br />
Prudential Regulation Authority<br />
(PRA) and the Financial Conduct<br />
Authority (FCA).<br />
In 2009, the Bank of England was<br />
given a statutory objective to<br />
safeguard the financial system.<br />
A Special Resolution Unit was<br />
created at the Bank of England<br />
to manage the failure of<br />
troubled banks to protect other<br />
parts of the financial system.<br />
BUILDING<br />
SOCIETIES<br />
CREDIT<br />
UNIONS<br />
INSURERS
Change language