Bank of England proposes in-house oversight committee

The Bank of England has proposed setting up an internal oversight committee to monitor and assess the processes employed in making financial stability policy decisions.

Following pressure from the Treasury Select Committee (TSC) and Joint Committee on the Draft Financial Services Bill, it said the new body, which would not include executive members of the Bank, would help improve accountability once it assumes greater responsibilities under the new regulatory regime. Under new powers set to be enshrined this year, the Bank will be responsible for macroprudential policy and the regulation of systemically important financial infrastructure. It will also be partly responsible for the operation of the Special Resolution Regime, which will provide a frame...