Financial Policy Committee to be up and running by autumn

| July 26, 2010

Following an announcement by Chancellor George Osborne last month, the Government has today confirmed that the Financial Policy Committee (FPC) should be operational by autumn.

In his Mansion House speech last month, Mr Osborne said the Government was launching the FPC in order to regulate financial services and markets.

The proposals came after the coalition Government criticised the Financial Services Authority (FSA) for not doing enough to prevent or limit the crisis in the financial markets and prior to May’s general election, said it planned to scrap the regulator.

The new Committee will comprise the Bank of England Governor and the chairman and chief executive of the Financial Services Authority.

In a speech by the Financial Secretary to the Treasury, Mark Hoban MP, at the London Stock Exchange, said the bulk of the FPC’s members will be Bank executives, while four external members are set to be appointed by Mr Osborne.

“The FPC will is to meet at least four times a year and will publish a record of its deliberations and decisions after every meeting, providing important transparency and accountability,” said Mr Hoban.

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