A growing international consensus is emerging on the need to re-orientate regulatory frameworks to place stronger emphasis on mitigating risks in the financial system as a whole. In June 2011, the Government announced the details of its plans to reform the UK regulatory framework along these lines.(1) A key plank of these proposals is the establishment of a new committee at the Bank of England — the Financial Policy Committee (FPC). The FPC will be tasked with monitoring the stability and resilience of the UK financial system and using its powers to tackle those risks.
Published on
20 December 2011
Instruments of macroprudential policy