Following a period of relative quiet, there has been a recent flurry of activity by the Bank of England and FSA as they released further details of the approach the new Prudential Regulation Authority will take to banking and insurance supervision. This was closely followed by the FSA's release of the first detailed document outlining the approach their successor, the Financial Conduct Authority (FCA), will take to regulation.

These documents and the speeches accompanying their launch provide more detail on the FCA and PRA than has so far been available, although the picture is still far from complete.

Simon Morris has produced an analysis of each of the two bodies, their methods of operation and their priorities, and those areas where more detailed design on the part of the Bank and FSA is needed. Simon looks closely at the proposed powers and approaches of the two regulators to examine what will be truly novel about the new regulatory regime, as compared to the tough, intrusive stance of the FSA in recent years.

Click here to read the report on the PRA and here for the report on the FCA.

This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq

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The original publication date for this article was 04/07/2011.