Treasury - Seventh Report
Financial Regulation: a preliminary consideration of the Government's proposals

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Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 27 January 2011.

Contents

Terms of Reference

Summary

1  Introduction

Financial regulation - from Tripartite to 'Twin-peaks'

The financial services industry

Conduct of the inquiry

Overview

It's not all about banking

2  The Government's timetable

3  A super regulator—the Bank of England

Financial Policy Committee

How to define financial stability

FPC membership

External membership

An interim FPC

Macro-prudential tools

Macro-prudential tools: socio-economic consequences

Role of the Treasury

Interaction between monetary policy and financial stability—MPC and FPC

Wider policy framework

4  Micro-prudential Regulation

The PRA as a subsidiary of the Bank of England

Combining financial stability and micro-prudential regulation

Non-zero failure = regulatory success?

Away from 'tick-box, light-touch regulation': a more judgement-led approach

Regulation and auditors

5  Consumer protection and markets regulation

Can the CPMA be a true 'consumer champion'?

Promoting competition and innovation

'Have regards' clauses

Consumer protection versus markets regulation

UK Listing Authority

Financial stability versus consumer protection—an inferior CPMA?

6  Cost of regulation

Transition cost

From underlap to overlap—cost of duplications?

Wider issues

7  International regulation

International Initiatives

European regulation

UK engagement with European regulators

HM Treasury's role in international negotiations

8  Responsibilities in times of crisis?

Veto power?

9  Transparency and accountability of the new bodies

Transparency and the Bank of England

Accountability under the new arrangements

The MPC versus the FPC

Conclusions and recommendations

Formal Minutes

Witnesses

List of printed written evidence

List of additional written evidence

List of Reports from the Committee during the current Parliament

Oral and Written Evidence

Wednesday 28 July 2010

Tuesday 14 September 2010

Tuesday 12 October 2010

Thursday 14 October 2010

Tuesday 19 October 2010

Tuesday 26 October 2010

Thursday 11 November 2010

Tuesday 16 November 2010

Thursday 18 November 2010

Tuesday 23 November 2010

Thursday 25 November 2010

Tuesday 30 November 2010

Written Evidence

Additional unprinted Written Evidence

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Prepared 3 February 2011