All Change: How Will Regulatory Reform Affect You?

Natasha Lee looks at the new regulatory structure coming into place under the Coalition Government, and the impact it could have on your organisation.

In his speech at Mansion House on 16 June, the Chancellor of the Exchequer, George Osborne, finally announced the Coalition Government's decision to abolish the FSA and replace it with the following structure.

• A Prudential Regulatory Authority (PRA), which will carry out the prudential regulation of banks and insurance companies. This will be a subsidiary of the Bank of England, which will be led by the returning Hector Sants.
• A Consumer Protection and Markets Authority (CPMA), which will be responsible for all conduct of business regulation and will include those firms which are regulated by the PRA.