Mark Carney, Governor of the Bank of England, suggested the Bank might need more authority to regulate the investment activities of open-ended investment funds and hedge funds. He did this in an August 11, 2015 letter to the Chancellor of the Exchequer in his role as Chairman of the Financial Policy Committee – an independent committee at the Bank established in 2013 to identify, monitor and help resolve systemic risks that might detrimentally impact the UK financial system. Mr. Carney indicated that, over the next year, the FPC will review a “number of activities in the non-bank financial system” to consider their potential systemic risks and will make recommendations as necessary “relating to the boundaries between and within regulated activities and products.”