Financial Regulatory Forum

FACTBOX-UK fleshes out financial supervisory shake up

July 26 (Reuters) – Britain detailed on Monday how its new financial supervisory regime will work from 2012 in a move that scraps the Financial Services Authority and turns the Bank of England into one of the most powerful central banks in the world.

Supervisors will be required to intervene more in day-to-day operations of banks, insurers and markets to nip risks in the bud before they destabilise the broader financial system.

The reform abolishes the discredited “tripartite” system of the FSA, the government and the Bank of England working together to supervise Europe’s biggest money centre.

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ANALYSIS-UK bank changes will be outweighed by EU

By Huw Jones

LONDON, May 12 (Reuters) – The new British government will make the Bank of England responsible for spotting asset bubbles as part of global efforts to learn from the financial crisis but the new set-up will still be overshadowed by EU centralisation.

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