Following a period of relative quiet, there has been a recent
flurry of activity by the Bank of England and FSA as they released
further details of the approach the new Prudential Regulation
Authority will take to banking and insurance supervision. This was
closely followed by the FSA's release of the first detailed
document outlining the approach their successor, the Financial
Conduct Authority (FCA), will take to regulation.
These documents and the speeches accompanying their launch provide
more detail on the FCA and PRA than has so far been available,
although the picture is still far from complete.
Simon Morris has produced an analysis of each of the two bodies,
their methods of operation and their priorities, and those areas
where more detailed design on the part of the Bank and FSA is
needed. Simon looks closely at the proposed powers and approaches
of the two regulators to examine what will be truly novel about the
new regulatory regime, as compared to the tough, intrusive stance
of the FSA in recent years.
Click
here to read the report on the PRA and
here for the report on the FCA.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 04/07/2011.