Chancellor George Osborne has announced plans break up the Financial Services Authority and create to set up new Consumer Protection and Markets Authority to oversee IFAs and regulate their conduct.
The Chancellor said the new body “will regulate the conduct of every authorised financial firm providing services to consumers. It will also be responsible for ensuring conduct of business in the UK’s retail and wholesale financial services. The aim will be to preserve the reputation for transparency and efficiency as one of the world’s leading global financial centres.”
In addition to the Consumer Protection and Markets Authority an independent Financial Policy Committee at the Bank of England overseeing macro-prudential regulation will be set up.
The Chancellor also announced that a single agency responsible for tackling economic crime will also be created.
The existing tripartite regulatory system made up of the Treasury, the Bank, and the FSA will be abolished with regulatory power passing to the Bank.
Very much FSA 0 - 3 BOE
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