This document sets out the Government’s plans in detail, as follows:
• Chapter 2 describes changes to the Bank of England and the creation of the Financial Policy Committee as the macro-prudential authority;
• Chapters 3 and 4 set out the roles, responsibilities and governance of the PRA and the CPMA;
• Chapter 5 considers the issue of market regulation;
• Chapter 6 considers the coordination of the regulatory bodies in a potential crisis; and
• Chapter 7 sets out the next steps for the reform programme, including public consultation, legislative passage, and operational implementation by the Bank and FSA.
The document presents a range of issues and questions for consultation. Annex A explains how readers can respond to the consultation process. The Government will, on the basis of this consultation and continuing policy development by the Treasury, present more detailed proposals – including draft legislation – for further consultation early in 2011.
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