Changes to the Bank of England

9 Pages Posted: 3 Apr 2013

See all articles by Emma Murphy

Emma Murphy

Bank of England - Financial Stability Assessment Division

Stephen Senior

Bank of England

Date Written: March 14, 2013

Abstract

The Bank of England is currently experiencing its most important institutional and functional changes in a generation. Failings in pre-crisis arrangements have prompted the Government to introduce wholesale changes to the UK regulatory landscape which come into force in April 2013. This regulatory reform has resulted in the Bank gaining significant new responsibilities, including for: microprudential regulation of insurers, deposit-takers and major investment firms, through the creation of the Prudential Regulation Authority; macroprudential regulation of the financial system as a whole, through the creation of the Financial Policy Committee; and supervision of some critical post-trade financial market infrastructure providers. This article summarises the main changes to the Bank arising from these reforms, including those already put in place in anticipation of the reforms, as well as the new governance arrangements that are being introduced, as part of the Bank’s accountability to Parliament and the public.

Suggested Citation

Murphy, Emma and Senior, Stephen, Changes to the Bank of England (March 14, 2013). Bank of England Quarterly Bulletin 2013 Q1, Available at SSRN: https://ssrn.com/abstract=2243562

Emma Murphy (Contact Author)

Bank of England - Financial Stability Assessment Division ( email )

London
United Kingdom

Stephen Senior

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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