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March 29, 2013

New Era for British Financial Regulators Is About to Begin

As most of Britain shuts down for the Easter holiday, workers at the Financial Services Authority will be busily putting the final touches to the largest overhaul of the country’s financial regulation in more than a decade.

Over the weekend, the last signs at the Financial Services Authority’s headquarters in the Canary Wharf financial district in London will be taken down. In their place will stand the logo of the Financial Conduct Authority, the new consumer protection agency that starts work next week.

And across town, many of the British regulator’s staff have spent much of the last three months moving to their new offices next to the Bank of England, the country’s central bank. The 1,300 employees will form part of the Prudential Regulatory Authority, a new watchdog that will oversee Britain’s largest banks.

The major regulatory changes signal the end of the Financial Services Authority.”

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Read full New York Times article here

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