Daily Archives: June 18, 2012

Outgoing Financial Services Authority chief executive Hector Sants said last week that he thinks that the Bank of England governor will have too much to do under the government’s current regulatory reform plan, but he believes the problem can be solved by passing some of his specific duties to other people.

Mr Sants, who was slated to become a BofE deputy governor next year until he decided to resign instead, said he broadly agrees with the coalition’s plan, which creates a new stability regulator — the Financial Policy Committee — within the bank  and gives supervision of banks and insurers for safety and soundness to the Prudential Regulation Authority, another new arm of the BofE . The governor will chair the FPC, the PRA and the Monetary Policy Committee. Read more