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MPs give green light to tougher financial regulation plans
Markets
by Daniel Grote on Dec 12, 2012 at 10:15
MPs have given the green light to plans for tougher regulation after approving the final version of the financial services bill.
MPs' approval of the bill followed amendments proposed by the House of Lords to broaden the mandates of the regulatory bodies created by the legislation, the Financial Times has reported. The changes included handing the FCA a mandate to ensure access to financial services.
Under the bill, the Financial Services Authority will be abolished and replaced by the Financial Conduct Authority (FCA)and Prudential Regulation Authority. It will now go to the Queen for royal assent.
The bill hands the FCA authority over benchmarks such as Libor, while the Bank of England will be granted greater discretion to wind up of rescue failing investment groups.
Treasury Select Committee chairman Andrew Tyrie earlier this week warned that the amendments to the bill were being rushed through parliament.
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by Michelle Abrego on May 17, 2013 at 09:04
1 comment so far. Why not have your say?
CoeurDeLion87
Dec 14, 2012 at 14:23
Giving FCA & PRA more aggregated powers than the current diabolical efforts of FSA is likely to lead to social, economic and financial ruin. As anyone who has studied the decay of any empire can testify the chances of better social, economic and financial conditions is reduced dramatically as power is polarised towards those in control. Today this is the 'corporatocracy' and the political and regulatory elite who think they have the power over markets and a magical ability to stimulate the general economy without actually allowing the acorns to blossom. Is it any wonder that volumes on all exchanges are being trashed and that there are so many pricing imbalances against this over-regulated and unworkable backdrop? It wasn't that long ago that the UK survived on zero external regulation and surprise surprise markets were well governed and well supported by investors so what did make politicians change their minds in the mid-80s? A.The banks and politicians wanted a piece of the pie and just look where their greed and outright stupidity has got us.
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