The Treasury has denied the new regulatory structure set to replace the Financial Services Authority (FSA) will clash with European regulation.
By 2012, the FSA will be dismantled and replaced by the Financial Policy Committee, the Prudential Regulatory Authority (PRA), and the Financial Conduct Authority (FCA). The FPC will be part of the Bank of England (BoE) and will act as a macro-prudential regulator. The PRA will also be a subsidiary of the Bank, whilst the FCA will regulate the conduct of business. However, concerns have surfaced over the roles of the PRA and FCA - the 'twin peaks' - which together will regulate the insurance, investment and advice industries. Chris Leslie, shadow financial secretary to the Treasury...
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