View more on these topics

TSC launches inquiry into BoE accountability

The Treasury select committee has launched an inquiry into the accountability of the Bank of England.

The new regulatory structure proposed by the Government will see an considerable increase in the power of the Bank including it taking on the monitoring of financial stability and prudential regulation.

TSC member and Conservative MP Mark Garnier says: “The Bank is going to be taking on a wide array of powers and responsibilities it has not had in the past.

“In our hearings we have heard people raise concerns about how it will be accountable and how it will operate so it is important the committee looks at this in detail.”

The Bank’s Financial Policy Committee will have responsibility for financial stability and the Prudential Regulation Authority, also under the Bank, will be responsible for regulating deposit takers, insurers and some investment firms.

The inquiry will look at questions like which decisions should be made by each body within the Bank, whom the Bank should be accountable to and how that accountability would work as well as the resources the Bank needs to carry out its functions.

Evidence must be submitted to the committee by 12pm on the 31st March.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. I hope the TSC does a better job than its predecessor, on whose watch the financial crisis visited us.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm