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PPI Refunds: Banking regulatory changes come into force

People awaiting payment protection insurance refunds may be interested to hear of the banking regulatory changes that came into force this week.

The UK banking sector is being overhauled following a number of high-profile scandals, including the sub-prime mortgage selling that triggered the 2008 financial crisis.

As of 1st April, three bodies have replaced the Financial Services Authority (FSA) and will have oversight for the UK's economic system: the Bank of England-controlled Financial Policy Committee (FPC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authroity (FCA).

The Bank of England will now have more responsibility for monitoring the wider banking market in the UK. Its FPC will instruct the two new regulators.

Banks and insurers will be monitored by the PRA, which will ensure the organisations have sufficient cash and liquidity, while FCA will regulate consumer affairs and financial services firms.

The FSA was criticised for its regulatory approach, which resulted in the interbank lending Libor rate fixing and PPI mis-selling going unnoticed for long periods.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801565551-ADNFCR

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