A new approach to financial regulation: the blueprint for reform – HM Treasury Consultation Paper Cm 8083, June 2011; Government publishes financial regulation White Paper and draft Bill – HM Treasury Press Notice PN59/11, 16 June 2011 As announced by the Chancellor of the Exchequer in his Mansion House speech to the City of London on 15 June,1 HM Treasury has published a White Paper on the reform of UK financial regulation (White Paper) together with a draft Bill to amend the Financial Services and Markets Act 2000(FSMA). This is the third consultation paper published in the space of a year and according to the Government reflects the representations it has received to date and a careful honing of the proposals which abolish the existing tripartite system of regulation and establish new specialist prudential and conduct regulators.2 As well as seeking comments on the proposals, a three month period of pre-legislative scrutiny of the draft Bill by Parliament begins shortly.
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
Product Intervention Power
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