It has also been stated that of the changes announced in 2010, the Financial Services Authority (FSA) will be incorporated into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority.
Meanwhile, The Bank of England has supported a report on the scandal involving manipulation of the LIBOR that acknowledges that the UK’s central bank did not have regulatory authority for LIBOR during the time period it is said to have been manipulated.
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Further, the bank has also said that it will assume the responsibility for supervision of financial institutions beginning 2013 after the Financial Services Bill takes effect.
Hector Sants will head the PRA and will be responsible for oversight of financial institutions as well as decisions involving regulations and the suitability of banking executives.
And the FCA will oversee retail and wholesale financial market regulation and their accompanying infrastructures.
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By GlobalData
