Chancellor gives speech at official launch
Chancellor George Osborne will renew the government’s pledge to learn lessons from past mis-selling scandals in a speech to launch the new Prudential Regulatory Authority (PRA) regulator, which will oversee insurers.
Osborne will be joined by Bank of England governor Mervyn King, according to The Independent.
The PRA officially goes live today. According to advance copies of a planned speech, Osborne is set to say: “The changes coming into effect today are the start of resetting the system of financial regulation in our country.
“They represent a fundamental change in how financial services will be regulated in the future. They do away with the discredited system that failed to sound the alarm as the financial system went wrong, and put in its place a new system that puts the Bank of England back in charge.”
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