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Bank charges: Bank of England to help regulate UK finance

The Bank of England will have stronger powers over the UK’s financial sector with the launch of the Prudential Regulation Authority (PRA).

It will use the PRA to make sure that risks within the UK’s financial sector are monitored to ensure that they remain stable.

This will help to offset the chances of another financial crisis as the PRA will aim to make sure that banks will no longer have to be bailed out due to investments falling through.

However, chancellor George Osborne has received criticism for putting too much power into the Bank of England, especially as the PRA consists largely of Bank of England members.

The PRA took over as one of two financial regulators in the UK, the other being the Financial Conduct Authority, from the Financial Services Authority (FSA) on April 1st.
It was decided that the FSA should be replaced following the financial crisis in 2008, when it failed to spot warning signs that UK banks could collapse.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801565209-ADNFCR

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