The Government said today it will undertake a consultation period before setting up three new bodies as part of a radical shake-up of financial services regulation.
Speaking in Parliament today, financial secretary to the Treasury Mark Hoban said there will be a consultation by the end of July as he unveiled details of the new system. Primary legislation detailing the changes to the UK's new regulatory framework will take two years to implement. He confirmed a new Prudential Regulation Authority will be established as a subsidiary to the Bank of England and chaired by the Bank's governor Mervyn King with Hector Sants as CEO. It will be accountable to Parliament and have a clear remit. The new Financial Policy Committee (FPC), also accountable...
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