The Regulatory Law Committee of the City of London Law Society (the Committee) has published its response to HM Treasury’s technical consultation on the Bank of England Bill (the Bill).
Earlier this year HM Treasury issued a technical consultation document on proposals in the Bill that are intended to strengthen the Bank of England’s (BoE) governance, transparency and accountability. In particular
- the PRA would be dissolved as a private limited company;
- a new committee within the BoE, the Prudential Regulation Committee, would be established; and
- the BoE would become responsible for what are currently the statutory responsibilities of the PRA.
The Committee sets out a number of concerns regarding the proposals in the HM Treasury consultation paper. In particular it states that more detail needs to be provided as to how operational independence of the PRA would be guaranteed were it to be folded into the BoE.
View CLLS response to HM Treasury technical consultation on Bank of England Bill, 25 September 2015