Under the Financial Services Bill currently before Parliament the Bank of England will take over responsibility for prudential supervision of financial firms next year. The report calls for a much stronger governance framework for the Bank of England. Such a framework is enshrined in the Financial Services Bill. Regulatory decisions, including on the suitability of senior banking executives, will ultimately lie with the board of the Prudential Regulation Authority, which will include both Executive and non-executive Directors, and not solely with the Governor of the Bank of England.
Published on
18 August 2012
Press release