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E-learning interactive graphic: The new UK Twin Peaks Regulatory Structure

The new UK Twin Peaks Regulatory Framework.

Since his 2010 Mansion House speech, where Chancellor George Osborne set out his agenda for reforming the current system of financial regulation*, the situation has progressed. The current system – which shares responsibility for financial stability between the Treasury, the Bank of England and the Financial Services Authority (FSA) – is being replaced with a new system, and the FSA will cease to exist in its current form. The legislation to implement the reforms will establish a Financial Policy Committee (FPC) in the Bank of England with a dedicated focus on identifying and managing macroeconomic and other risks to the stability of the financial services sector. It will also create a new Prudential Regulation Authority (as a subsidiary of the Bank of England), responsible for the day-to-day prudential supervision of financial institutions, and a Financial Conduct Authority (FCA) with responsibility for the conduct of all financial services firms.

The Government also recognises that the UK banking sector has become increasingly concentrated. To address this an Independent Commission on Banking investigates the structure of the banking system and assess measures to promote increased competition and financial stability. This interactive graphic provides an overview of the Overall Structure of UK Regulation which is in the process of being implemented in the UK

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* Essentially an Integrated Approach in which a single universal regulator (super regulator) conducts both safety and soundness oversight and conduct-of-business regulation for all the sectors of financial services business. (Also in Germany)

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