Downing Street Says » Financial Regulation

» Wednesday, July 8, 2009

Financial Regulation

Asked what difference the Council for Financial Responsibility would make to the existing tripartite system, the PMS said that it would put the system on a formal statutory basis; rather than just dealing with the immediate issues it would also monitor system-side financial stability. The Chancellor said in his statement that the Council would draw on its expertise of the Financial Services Authority and the Bank of England by looking at their regular reports and formally responding to their recommendations.

Put that the current system already did that, the PMS said it did not currently do that on a statutory basis.

Asked if it was the Government s intention for the Financial Services legislation to get to the statute books by the time of the general election, the PMS said that we would not set a definitive timescale, however the Chancellor said in his statement that it was important for us to act as soon as possible to put in place the measures to deal with both the regulation of financial institutions and to ensure that consumers had access to impartial advice.

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