The recent upheaval in the financial markets has attracted extensive press attention, with widespread speculation on the causes and effects of the so-called “credit crunch”. A consultation paper issued earlier this year by the Bank of England, with the collaboration of the Treasury and the FSA, has sought to provide a comprehensive guide to the credit crunch, addressing causes and effects, and offering insight into avenues regulatory bodies may take to resolve and avoid further market distress. This article summarises selected findings of this consultation, and offers an overview of the regulatory implications of the credit crunch and the future impact it could have on financial services regulation in the UK. It should, of course, be noted that the events associated with the credit crunch have demonstrated the absolute need to for national authorities to liaise and co-ordinate their actions in the event of such low-probability, but high-impact, crisis. Recent announcements in the United States and Europe point to a newly emerging appetite to create an international college of regulators that will convene if certain crisis triggers are satisfied.