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With Little Time for Comment, the U.K. Outlines Tougher Oversight of Financial Institutions
By Vanya Dragomanovich
printThe U.K.'s planned new regulator of banks and other financial institutions would impose tougher oversight than its predecessor, a series of proposals for the agency's forthcoming operations handbook show. Beginning in April, the Financial Services Authority (FSA) will be split into two regulatory bodies-the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)-as part of an effort to strengthen supervision over U.K. banks, insurers and investment firms. Since December, the FSA has published a series of complementary drafts of the FCA's operations handbook, asking representatives of the financial sector to comment ahead of an April 1 final version. Earlier this...
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