This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM-Cover-Top-240714.jpg
Categories:Regulation

Committee to oversee UK and Euro communication

  • Print
  • Comment

A committee is likely to be set up to co-ordinate communication between UK regulators and European supervisory authorities.

In guidance on the Financial Services Bill, published last week, the Treasury says although previous arrangements enabled a committee to be set up if regulators felt in necessary, the Government now wants it to be mandatory.

It says: “The bill has been amended to require that the international memorandum of understanding establish this committee. The committee will report to the Chancellor, be chaired by the Treasury and include members of the FCA, the PRA and the Bank of England.”

In December, the joint committee on the draft Financial Services Bill expressed concerns that the UK regulators will not “speak with one strong, unified voice” due to the differences between the regulatory structure in the UK and and Europe. From 2013, UK regulation will be split between prudential and conduct regulators while the European supervisory bodies operate across the securities and markets, banking, and insurance and pensions sectors.

Anand Associates managing director Bhupinder Anand: “This is a great example of civil servants designing a system out of sync with the rest of Europe and then trying to cement the joins. Given the inevitable overlap between EU and UK regulators, why create a system which does not fit and then set up a committee to fill the gap? It is storing up potential trouble.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

The Cost of Advice

Sponsored by Brooks Macdonald

Fund Data

Editor's Pick



Poll

Do you think advisers will benefit from Chancellor George Osborne's guidance guarantee?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments