The Integration of Supervisory Duties by the Financial Services Authority: An Example from Britain

Abstract

Until the reorganisation which took place in the UK and the Financial Services and Markets (FSM) Bill, published in draft by the Treasury on 30 July 1998, supervisory duties in the UK were divided between different agencies: the Bank of England had authority for the prudential supervision of banks, acting as their lead regulator; the Securities and Futures Authority (old SFA) was responsible for their securities activities; the PIA for the banks’ sales practices, also covering insurance; IMRO for fund management; and there were also five other authorities which, as shown in Figure 7.1, have now merged into one organisation.