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Bank given more power over financial system PDF Print E-mail
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Latest Recruitment News - HR and Recruitment Legislation News
Written by DirectNews Feed   
Friday, 18 June 2010 00:00
Bank given more power over financial systemThe Bank of England is to be granted additional power over the country's financial system, chancellor George Osborne has announced.

In a speech given earlier this week (June 16th), the government revealed its plans to impose increased levels of control over fiscal institutions in order to take preventative measures against any potential repeat of the banking collapse witnessed during the global economic downturn.

Several new measures will be introduced in the government's attempt to add greater transparency and accountability to Britain's markets.

These include the formation of a new Financial Policy Committee (FPC), the moving of prudential regulation to the Bank of England and the creation of a Consumer Protection and Markets Agency in order to regulate the business conduct of both larger firms and small and medium-sized enterprises (SMEs).

Mr Osborne added that the new FPC will have the tools and responsibility to look across the economy at the issues that may threaten the nation's "economic and financial stability".

Posted by James Strang
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