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1 Background, EU and Global Influences

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 01 July 2022

Bank supervision — Financial Services and Markets Act 2000 — Prudential regulation — Regulated activities — Bank of England — Her Majesty’s Treasury

This chapter traces the recent history of the UK system of financial services regulation. It begins by providing some context to the Gower Report of 1984, before detailing the changes that the resulting Financial Services Act (FSA) 1986 introduced (principally the establishment of self-regulating organisations (SROs)). The success of Labour’s replacement of the SROs with the Financial Services Authority (FSA) in 2000 (under the Financial Services and Markets Act (FSMA) 2000) is assessed in light of the financial crisis of 2007–2009. The key causes of the crash, and the actions of the Government and the FSA during it, are analysed. It explains the restructuring of the regulatory set-up (with the introduction of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)) following the crash. The influence of recent European regulatory reform on the UK is also considered.

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