In reply to dissonance:
> (In reply to Coel Hellier)
>
> Oh and what measures have been put in place now?
Part 2
The new architecture is structured as follows:
* The Financial Conduct Authority (FCA) has inherited the majority of FSA's former roles and functions and will be responsible for the conduct regulation of all authorised firms and the micro‑prudential regulation of all firms that are not systemically important firms.
* The Prudential Regulation Authority (PRA), a subsidiary of the Bank of England, will be responsible for the micro-prudential regulation of systemically important authorised firms.
* The Financial Policy Committee (FPC), a committee of the Bank of England, will be responsible for assisting the Bank of England in achieving its financial stability objective and will be given powers of recommendation and direction over FCA and PRA to address systemic risks.
* The Bank of England will have overall responsibility for financial stability, be the regulator of recognised clearing houses, and have the power to direct a UK clearing house in certain circumstances.
Firms regulated only by FCA will number approximately 23,000 and will include independent financial advisers, investment managers, most investment firms, insurance brokers, mortgage brokers, other brokers, non-deposit-taking lenders, corporate financiers, wholesale firms, custodians, professional firms, investment exchanges, collective investment schemes, managing agents, and others.
A relatively small number of firms will be required to be dual-regulated by FCA and PRA—an outcome that has been dubbed "twin peaks regulation". Dual-regulated firms will number approximately 1,700 and will include banks, building societies, investment banks, credit unions, friendly societies, life insurers, general insurers, wholesale insurers, commercial insurers and reinsurers, Lloyd's and Lloyd's Agents, and a small number of "significant" investment firms.
FCA
FCA will have a single strategic objective to ensure that markets for financial services work well and three operational objectives: (i) to secure an appropriate degree of protection for consumers, an objective that was not conferred on FSA; (ii) to protect and enhance the integrity of the UK financial system; and (iii) to promote effective competition in the consumer interest.
FCA will be responsible for the regulation of standards of conduct in retail and wholesale markets, supervision of trading infrastructures that support these markets, and prudential supervision of firms that are not PRA regulated. FCA will also undertake the function of the UK listing authority under Part 6 of FSMA, a role previously undertaken by FSA.
Do you want the other parts or have you got the point?