I am an overseas student and am just getting familiar with these things and hence this question! On pg 2 of this chapter it says the FPC and PRA are subsidiaries/ sub- committees of the Bank Of England and that the FPC is primarily concerned with systematic financial risk and the PRA with regulation of the banking and fin. services sector. On pg 5 it seems to say that the FPC is the macro prudential regulator... it appears as tho' the FPC does what pg 2 says the PRA is supposed to do???
Hi, Yes it does read strangely. Your best idea is to skip quickly to chapter 6, which starts off with a detailed description of the roles of the agencies. It described the FPC as responsible for "macro-prudential regulation", whereas the PRA is responsible for "prudential regulation" of the deposit-taking market. In another sentence the PRA is escribed as responsible for "micro-prudential regulation" of dual regulated companies. Anyway, chapter 6 will answer all your queries I hope.
