George Osborne unveils new Financial Services Bill 2012.01.28 - 0 views
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The Chancellor, George Osborne presented the new Financial Services Bil
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to create a clear structure of who is in charge in the event of another credit crunch or financial crisis.
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FCA will focus on consumer protection and ensuring employees who work in financial services comply with the rules.
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"The Consumer Panel welcomes the intention to transfer responsibility for consumer credit regulation to the FCA
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George Osborne said: "The Financial Services Bill will overhaul the failed system of financial regulation which allowed such dangerous levels of leverage to emerge.
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"Everyone was so focused on ticking off a regulatory checklist that nobody felt it was their responsibility to use their judgment. "We are putting in place clear lines of accountability, and restoring that crucial element of judgment."
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ack of clarity over who was accountable for what created the conditions whereby the Royal Bank of Scotland (RBS) was able to complete its takeover of Dutch bank ABN Amro which led to RBS requiring a £45 billion bailout from the UK taxpayer
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“Good financial supervision is not just about structure - decisions taken made by bankers and regulators matter too.
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an important milestone in rebuilding trust in the financial services sector. There are still many issues to work though and we will continue working with government so the new structures, as they emerge,
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the Bank of England will be in charge of regulation in “normal” times but the Chancellor will have the power to take over in a crisis if taxpayers’ money is at risk.
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This is a once in a generation opportunity to reform our financial regulation and it is vital we get it right. Consumers have been losing out for too long.