A shadow minister has hit out at the changes already being made to the Financial Services Authority (FSA) and the regulatory landscape before Parliament has a chance to legislate on them.
The Financial Services Bill, which will replace the FSA with the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), is currently in its initial Committee stages in Parliament. However, the FSA has already drawn up plans to set up two independent bodies within the organisation from April, focusing on conduct and prudential regulation. Meanwhile, the Bank of England's new Financial Policy Committee, which will be responsible for identifying, monitoring, and taking action to remove or reduce, systemic risks, has already held its first meetings. Speaking durin...
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