The Financial Stability Board has published its peer review of the United Kingdom. The peer review examined three topics that are important for financial stability and relevant for the broader FSB membership:
- macro-prudential policy framework;
- micro-prudential supervisory approach; and
- supervision and oversight of central counterparties (CCPs).
The review focused on the steps taken to date by the UK authorities to implement reforms in these areas, including by following up on relevant recommendations in the 2011 Financial Sector Assessment Program (FSAP) undertaken by the International Monetary Fund. The review notes that good progress has been made in addressing the FSAP recommendations across all three topics, although many of these reforms are still ongoing.