The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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 regulatory failures around the time of the financial crisis in late 2007 and 2008. The current regulatory system consists of three bodies:
the FPC in the BoE—responsible for macroprudential regulation
the Financial Conduct Authority (FCA)—responsible for conduct of business for all regulated firms, microprudential regulation for firms which are not Prudential Regulation Authority (PRA)-regulated, and markets regulation (including acting as UK Listing Authority). For further information,
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