BOE Overhaul Becomes Law With New Rules for Financial Services
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Britain’s latest overhaul of financial regulation and the Bank of England was signed into law on Wednesday after months of debate that included controversy over how tough the rules should be.
The bill includes internal changes at the institution that oversees London’s financial center, such as moving the Prudential Regulation Authority fully within the BOE and changes to the status of the Financial Policy Committee, the body that oversees financial stability. It also allows Governor Mark Carney to reduce the number of Monetary Policy Committee meetings to eight from 12 a year, bringing it into line with the frequency of the Federal Reserve and the European Central Bank.