UNITED KINGDOM’S CHANCELLOR OF THE EXCHEQUER ANNOUNCES MAJOR REGULATORY REFORM
The United Kingdom’s Chancellor of the Exchequer has announced the abolition of the Financial Services Authority in its current form. In a June 16 speech, George Osborne stated the coalition government will legislate to create a new “Prudential Regulatory Authority,” to be operated as a subsidiary of the Bank of England. The Prudential Regulatory Authority will be solely responsible for the day-to-day “prudential” supervision of financial institutions. Details are available in Chancellor Osborne’s speech, the Treasury’s summary of that speech, and in a FSA press release welcoming the change.
This post written by Brian Perryman.
