Inquiry status: Oral evidence taking in progress
The Financial Services Bill proposes giving the FPC powers of direction over the Financial Conduct Authority and the Prudential Regulation Authority and the power to make recommendations to a wide range of parties.
Taken together, these powers of direction and recommendation constitute the FPC’s ‘macroprudential tools’.
The interim FPC of the Bank of England recently published its advice to the Treasury about the powers of direction it should have. These were:
Further details can be found in the terms of reference below for the Committee's inquiry.
These tools are intended to be made available to the Bank of England’s new Financial Policy Committee under the terms of the current Financial Services Bill
Treasury Committee publishes the terms of reference for an inquiry into the macroprudential tools that are set to be handed to the Financial Policy Committee of the Bank of England
Evidence given by Anthony Browne, CEO, British Bankers Association, Adrian Coles OBE, Director General, Building Societies Association, and Paul Smee, Director General, Council of Mortgage Lenders
Evidence given by Rt Hon Greg Clark MP, Financial Secretary to the Treasury, and Lowri Khan, Director, Financial Stability, HM Treasury
Select Committees carry out inquiries on areas ranging from the work of government departments to economic affairs. The results of these inquiries are public and many require a response from the Government.
Most, but not all, Select Committee inquiries are conducted as follows:
Not all inquiries result in a Report