As a Manager in the Midlands Risk and Regulatory team, the topic of financial services regulatory reform is something which is affecting all of my clients and is a topic which is impacting all financial services firms.
At present, no single institution has the responsibility, authority and tools to monitor the financial system as a whole, and respond accordingly. That power will now be given to the Bank of England. The Government has created a new Financial Policy Committee ("FPC") within the Bank, which will look at the wider economic and financial risks to the stability of the system. The reforms will also introduce greater judgement and focus to regulation of financial firms.
It is expected that from 1 April 2013, the Financial Services Authority ("FSA") will cease to exist in its current form, with the Government creating two new focussed financial regulators; a new Prudential Regulation Authority ("PRA") responsible for the regulation of all deposit-taking institutions, insurers and investment banks - and an independent conduct of business regulator, the Financial Conduct Authority ("FCA") responsible for regulations including conduct in retail, wholesale, financial markets. Earlier this month, the FSA published a consultation paper on the proposed approach of the FCA to its role under the new regulatory regime, which can be found by clicking here.
The Midlands Risk & Regulatory practice is holding its regular breakfast forum on 30 October in Birmingham and 1 November in Nottingham, which will discuss the new regime and other key conduct risk topics. This popular event brings together a cross sector group of risk and compliance officers or equivalent from across the Midlands to provide an excellent opportunity for attendees to network, share knowledge and experiences with peers, whilst hearing the views of Deloitte experts in a roundtable discussion. If this is something you would be interesting in attending, please don't hesitate to contact via rephillips@deloitte.co.uk.
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