CONTENTS
Terms of Reference
Executive Summary
Chapter 1: Introduction
Chapter 2: Is reform necessary?
Chapter 3: Objectives
Defining financial stability
Financial stability and economic growth
The role of the Treasury in interpreting
the financial stability objective
Indicators of financial stability
Financial stability and recourse to public
funds
Possible conflict between the MPC and
the FPC
Governance structure of FPC and MPC
The objectives of the PRA
Should the PRA have regard to competition?
The PRA's insurance objective
The objectives of the FCA
The FCA's strategic objective
Efficiency and choice operational objective
The definition of consumer in the FCA's objectives
Balancing the responsibilities of consumers
and firms
Chapter 4: Responsibilities and powers
Responsibilities and powers during a
crisis
Powers and duties of the FPC
Powers to identify and monitor systemic
risks
Powers needed to remove or reduce systemic
risks
Power of direction
Power for the FPC to set UK macro-prudential
rules
Powers and responsibilities of the PRA
Powers in respect of firms headquartered
outside the UK
The impact of ICB recommendations on the
PRA's responsibilities
Empowering the PRA to conduct judgement-led
supervision
Attracting the right staff
Designation of PRA activities
Responsibility for considering the ethics
and remuneration structures of firms
Responsibility for markets
Information from auditors
Quality of information held by firms
Powers and responsibilities of the FCA
Responsibility for consumer credit
Responsibility for pensions
Consumer protection powers
Early publication of disciplinary action
Trusted consumer products
Competition powers
PRA and FCA duty to co-ordinate
Influencing EU and international decisions
Chapter 5: Accountability, transparency
and engagement
Scrutiny of macro-prudential tools
Transparency of the FPC
Membership of the FPC
Accountability and engagement of the PRA
and the FCA
Engaging with the industry and consumers
Dealing with complaints
Appealing regulatory decisions
Reports on regulatory failure
Chapter 6: Conclusions and Recommendations
Appendix 1: Joint Committee on the Draft
Financial Services Bill
Appendix 2: List of Witnesses
Appendix 3: Call for Evidence
Appendix 4: Formal Minutes
Appendix 5: Note of visit to the Bank of
England on 21 November 2011
Appendix 6: Glossary of terms
Appendix 7: Abbreviations
Appendix 8: Memorandum from the Delegated
Powers and Regulatory Reform Committee
Evidence is published online at www.parliament.uk/financialservicesbill
and available for inspection at the Parliamentary Archives (020
7219 5314)
References in footnotes to the Report are as follows:
Q refers to a question in oral evidence;
Witness names without a question reference refer
to written evidence.
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