Consultations & legislation
A new approach to financial regulation: judgement, focus and stability
On 26 July 2010 the Government launched a consultation, 'A new approach to financial regulation: judgement, focus and stability', to gather views on the Government's proposals to reform the UK's financial regulatory framework, providing the Bank of England with control of macro-prudential regulation and oversight of micro-prudential regulation.This outlined the Government's intention to:
- a Financial Policy Committee in the Bank of England;
- a new Prudential Regulation Authority, as a subsidiary of the Bank; and
- an independent consumer protection and markets authority - The Government has since decided that this body will be called the Financial Conduct Authority (FCA).
The documents below are available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
- A new approach to financial regulation: judgement, focus and stability (PDF 1.3MB)
- Impact Assessment (PDF 291KB)
- Press notice: Financial Secretary to the Treasury launches consultation on the implementation of financial regulation reforms announced at Mansion House
- Speech by The Financial Secretary to the Treasury, Mark Hoban MP, at the London Stock Exchange, 26 July 2010
Responses from stakeholders were invited during the consultation period, which ran from 26 July to 18 October 2010. The government received over 200 responses from financial services firms, including banks, building societies, insurance firms, Independent Financial Advisors, exchanges, brokers and related trade associations, as well as consumer representatives.
On 24 November 2010, the Government published a summary of responses to its consultation document 'A new approach to financial regulation: judgement, focus and stability'; this can be found below, along with all formal, written responses received (except where confidentiality was requested by the respondent).
In addition to a summary of consultation responses, this document confirms the Government’s decisions, that:
- the UK Listing Authority will remain within the FCA’s markets division; and
- the FSA’s criminal enforcement powers in relation to market conduct will be retained within the FCA at this time.
The document also sets out the Government’s preliminary conclusions on key themes raised by respondents to the consultation.
Responses to the consultation
Individual responses:
- Response to A-B (PDF 10MB)
- Response to C-D (PDF 11MB)
- Response to E-G (PDF 11MB)
- Response to H-I (PDF 11 MB)
- Response to J-L (PDF 17MB)
- Response to M-P (PDF 9MB)
- Response to Q-Z (PDF 6MB)
Further consultation
Informed by responses to the July consultation, in February 2011 the Government presented further detailed policy proposals, in ‘A new approach to financial regulation: building a stronger system’.
Following this consultation, the Government intends to present a draft Bill for pre-legislative scrutiny in spring 2011. Subject to Parliamentary timetabling, the Government intends to introduce legislation to Parliament in mid-2011 and the passage of legislation is expected to take around a year. The new regulatory framework is anticipated to be in place by the end of 2012.
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