Menu
27/01/2012
Financial Regulator Abolished
The Government has published legislation to "fundamentally transform" financial regulation in the UK including the abolition of the Financial Services Authority. Announcing the proposals, the financial Secretary to the Treasury Mark Hoban said the new regime set out a "clear, coherent and comprehensive" framework replacing the "uncertainty and inadequacy" of the previous structure.
The Bill will give the Bank of England more responsibility and abolishes the Financial Services Authority (FSA), who are the current regulator of the UK's financial sector.
Detailing the plans, Mr Hoban said the Government would create a "strengthened regulatory architecture" consisting of the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.
Chancellor George Osborne first suggested the closure of the FSA in 2010, accusing it of "spectacular regulatory failure" over its handling of the banking crisis.
Announcing the plans on Thursday, Mr Hoban said: "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.
"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."
(DW)
The Bill will give the Bank of England more responsibility and abolishes the Financial Services Authority (FSA), who are the current regulator of the UK's financial sector.
Detailing the plans, Mr Hoban said the Government would create a "strengthened regulatory architecture" consisting of the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.
Chancellor George Osborne first suggested the closure of the FSA in 2010, accusing it of "spectacular regulatory failure" over its handling of the banking crisis.
Announcing the plans on Thursday, Mr Hoban said: "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.
"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."
(DW)
Related UK National News Stories
Click here for the latest headlines.
01 November 2011
Gov Announces Junior ISAs
Parents will be able to open a Junior ISA account for their children from Tuesday at a range of high street institutions, according to Financial Secretary to the Treasury Mark Hoban. Around six million children will immediately be eligible for a Junior ISA, with a further 800,000 children benefiting each following year, the Government said.
Gov Announces Junior ISAs
Parents will be able to open a Junior ISA account for their children from Tuesday at a range of high street institutions, according to Financial Secretary to the Treasury Mark Hoban. Around six million children will immediately be eligible for a Junior ISA, with a further 800,000 children benefiting each following year, the Government said.
12 June 2014
Regulator Announce Lower Car Insurance Costs
The Competitor and Markets Authority (CMA) has announced a series of measures with the aim of helping bring down the costs of insuring a car and has called for better information for consumers about their rights.
Regulator Announce Lower Car Insurance Costs
The Competitor and Markets Authority (CMA) has announced a series of measures with the aim of helping bring down the costs of insuring a car and has called for better information for consumers about their rights.
26 March 2008
FSA Admits 'Failings' Over Northern Rock
The UK financial watchdog, the Financial Services Authority, has admitted to failings in its handling of the crisis at Northern Rock. A review into the supervision of Northern Rock, carried out by the FSA's internal audit division, identified four key failings in the watchdog's handling of the crisis.
FSA Admits 'Failings' Over Northern Rock
The UK financial watchdog, the Financial Services Authority, has admitted to failings in its handling of the crisis at Northern Rock. A review into the supervision of Northern Rock, carried out by the FSA's internal audit division, identified four key failings in the watchdog's handling of the crisis.
30 September 2010
Lloyds Tops Bad Banking Ranking
Lloyds Banking Group has come top of the league for bank complaints, new research reveals. Findings by the Financial Services Authority (FSA) show almost 290,000 complaints in relation to charges, bad advice, poor service and charges over the past six months. Barclays clocked up 250,667 complaints while Santander had 244,978 complaints registered.
Lloyds Tops Bad Banking Ranking
Lloyds Banking Group has come top of the league for bank complaints, new research reveals. Findings by the Financial Services Authority (FSA) show almost 290,000 complaints in relation to charges, bad advice, poor service and charges over the past six months. Barclays clocked up 250,667 complaints while Santander had 244,978 complaints registered.
03 February 2011
New Consumer Protection CEO-Designate Appointed
The Government today announced that Martin Wheatley will become Chief Executive designate of the Consumer Protection and Markets Authority (CPMA). He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
New Consumer Protection CEO-Designate Appointed
The Government today announced that Martin Wheatley will become Chief Executive designate of the Consumer Protection and Markets Authority (CPMA). He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
-
Northern Ireland WeatherThis Evening and Tonight:Mostly cloudy with showery outbreaks of rain reaching parts of Antrim and Down later this evening, The showers will extend westwards overnight, clearing from most places by morning. Minimum temperature 7 °C.
