Abstract
Badly-designed and ineffective regulation of financial services contributed to the 2008 financial crisis. This chapter describes international institutions for financial services regulation, including those at the EU level, and the creation of the European System of Financial Supervision in an attempt to avoid the earlier problems. It describes the weaknesses of the Financial Services Authority and of the tripartite system of the Authority, the Treasury and the Bank of England. There is detailed analysis of the new system introduced by the Financial Services Act 2012 with three new institutions; the Financial Policy Committee of the Bank, the Prudential Regulation Authority and the Financial Conduct Authority, concentrating on the arrangements for coordination between them and the means of securing their accountability.
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