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Today, the Bank of England and FSA published a paper giving some further detail on the approach the Prudential Regulation Authority (PRA) will take to the supervision of banks and designated investment firms.

The paper is not strictly a consultation paper. However it is intended to facilitate public debate. It was presented and discussed today at a conference for CEOs and senior managers of firms that will come under the PRA's supervisory control. Subsequent papers on the PRA's supervisory approach to insurance companies, the Financial Conduct Authority (FCA)'s regulatory approach, and how the PRA and FCA will coordinate their activities are also due to be published soon.

This briefing summarises the key issues and aspects of this paper.

Next steps  

Spring

  • White Paper and draft Bill to be published
  • Government to consult on new Economic Crime Agency

Summer

 

  • Paper setting out PRA approach to supervision of insurers to be published (20 June)
  • Paper setting out FCA's regulatory philosophy to be published (28 June)
  • Paper detailing coordination of PRA and FCA to be published

October / November

  • Bill to be presented to Parliament

Mid 2012

  • Bill to receive Royal assent

By early 2013

  • Full implementation of new regulatory architecture

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bank of england fca fsa prudential regulation authority regulatory reform

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