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In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). [1] [2] [3] The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It ...
The following is a list of regulators in the UK. Regulators exercise regulatory or supervisory authority over a variety of endeavours. In addition, local authorities in the UK provide regulatory functions in a number of areas. Professional associations also act to regulate their memberships. The UK is also bound by a number of European and ...
The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.
The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. [3] It focuses on the regulation of conduct by both retail and wholesale financial services firms. [4] Like its predecessor the FSA, the FCA is structured as a company limited by guarantee. [5]: 140
A new Prudential Regulation Authority would carry out the prudential regulation of financial firms, including banks, investment banks, building societies and insurance companies. [9] On 19 December 2012 the Financial Services Act 2012 received royal assent and came into force on 1 April 2013. [10]
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those that ...
Although UK banks, except the Bank of England, are shareholder or mutually owned, many countries operate public retail banks (for consumers) and public investment banks (for business). The UK used to run Girobank for consumers, and there have been many proposals for a "British Investment Bank" (like the Nordic Investment Bank or KfW in Germany ...