Interim FPC first meeting on June 16

The interim Financial Policy Committee will hold its first formal meeting on June 16.

The FPC will sit within the Bank of England and will contribute to its financial stability objective by identifying, monitoring and taking action to remove or reduce systemic risks.

The Government confirmed the interim FPC’s establishment in February and it will operate until the new regulatory architecture is in place which under current plans is expected to be late 2012.

The interim committee will release its first financial stability report on the June 24.

Part of the its work will be to consider what macro-economic tools the permanent committee should have and make recommendations to the Treasury on its findings.

The interim committee is made up of 13 members including governor Mervyn King, deputy governor for financial stability Paul Tucker, Financial Services Authority chairman Lord Turner and FSA chief executive Hector Sants.

The committee has four external members and two non-voting members, including Financial Conduct Authority chief executive designate Martin Wheatley.