The FSA has published a speech by Margaret Cole, director of enforcement and financial crime at the FSA, on the new coalition's reform of the institutional arrangements for the supervision of UK financial market activity.
The Bank of England will sit at the top of a structure in which a subsidiary of the Bank, likely to be called the Prudential Regulation Authority (PRA), will conduct the prudential regulation of deposit takers, insurers, investment banks and a few others. Another regulator, currently with the working title of the Consumer Protection and Markets Agency (CPMA), will be responsible for consumer protection in financial services, the regulation of conduct of business (including in firms regulated by the PRA) and market conduct. The FSA are preparing to move to a shadow structure which mirrors this split of responsibilities.
The Speech also covers the FSA's work to date on the following areas: prevention, mortgage, fraud, money laundering, bribery and corruption, unauthorised business, market protection and the Government's intention to create the Economic Crime Agency.