This snapshot, taken on 06/03/2012, shows web content selected for preservation by The National Archives. External links, forms and search boxes may not work in archived websites.
Consultations & legislation
On 26 July 2010 the Government launched a consultation, 'A new approach to financial regulation: judgement, focus and stability', to gather views on the Government's proposals to reform the UK's financial regulatory framework, providing the Bank of England with control of macro-prudential regulation and oversight of micro-prudential regulation.This outlined the Government's intention to:
The documents below are available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
Responses from stakeholders were invited during the consultation period, which ran from 26 July to 18 October 2010. The government received over 200 responses from financial services firms, including banks, building societies, insurance firms, Independent Financial Advisors, exchanges, brokers and related trade associations, as well as consumer representatives.
On 24 November 2010, the Government published a summary of responses to its consultation document 'A new approach to financial regulation: judgement, focus and stability'; this can be found below, along with all formal, written responses received (except where confidentiality was requested by the respondent).
In addition to a summary of consultation responses, this document confirms the Government’s decisions, that:
The document also sets out the Government’s preliminary conclusions on key themes raised by respondents to the consultation.
Individual responses:
Informed by responses to the July consultation, in February 2011 the Government presented further detailed policy proposals, in ‘A new approach to financial regulation: building a stronger system’.
Following this consultation, the Government intends to present a draft Bill for pre-legislative scrutiny in spring 2011. Subject to Parliamentary timetabling, the Government intends to introduce legislation to Parliament in mid-2011 and the passage of legislation is expected to take around a year. The new regulatory framework is anticipated to be in place by the end of 2012.
