Information Systems: The UK Retail Financial Services Sector

1992 ◽  
Vol 10 (6) ◽  
pp. 13-17 ◽  
Author(s):  
Jeff Watkins
Keyword(s):  
Information Systems ◽  
Financial Services ◽  
Services Sector ◽  
Financial Services Sector ◽  
The Uk

Part II Financial Services Regulation, 5 The PRA and FCA

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Central Government ◽  
Prudential Regulation ◽  
Services Sector ◽  
Financial Services Sector ◽  
Financial Services Regulation ◽  
Regulated Firms ◽  
The Uk ◽  
Parliamentary Oversight

This chapter focuses on the functions of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) as statutory regulators of the financial services sector in the UK. It begins with a discussion of the constitutional provisions establishing the FCA and the PRA by virtue of the Financial Services and Markets Act 2000 (FSMA). It then considers the remit of the FCA and the PRA, along with their general functions and duties, statutory objectives, and regulatory principles with respect to financial services regulation. It also examines the boundary between FCA and PRA responsibilities, arrangements for the supervision of regulated firms and for enforcement, and the co-ordination between the FCA and the PRA in the exercise of their function. Finally, it describes the PRA's power of direction, directions relating to consolidated supervision, and central government and Parliamentary oversight of the regulators.

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