Financial Policy Committee—essentials
Financial Policy Committee—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Financial Policy Committee—essentials
  • Background to the Financial Policy Committee
  • Prior to FSA 2012—interim FPC
  • Structure of the FPC
  • Objectives of the FPC
  • Functions of the FPC
  • Directions by the FPC
  • Recommendations to the FCA and PRA
  • Recommendations within the BoE
  • Recommendations by and to the Treasury
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background to the Financial Policy Committee

The Financial Policy Committee (FPC) was formally initiated from 1 April 2013, in accordance with provisions in the Financial Services Act 2012 (FSA 2012). FSA 2012 inserted a new section 9B in the Bank of England Act 1998 (BEA 1998) as part of the measures found in BEA 1998, Pt 1A aimed at delivering financial stability. BEA 1998, ss 9A–9ZA, as inserted by FSA 2012, contain the detail of the FPC's powers and influential position in relation to macroprudential issues and financial stability. FSA 2012 predominately amended existing legislation, eg the Financial Services and Markets Act 2000 (FSMA 2000) and the Banking Act 2009 (BA 2009) as well as BEA 1998.

The FPC forms part of the system of financial regulation in the UK that replaced the old tripartite regulation (HM Treasury, the Bank of England (BoE) and the Financial Services Authority) cited at the heart of the

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