- The Financial Policy Committee was set up on an interim basis last year, and is chaired by the Bank of England Governor.
- It is also the pillar of the new regulatory regime introduced by the coalition, which comes into force on April 1.
- The FPC will take the broadest overview of financial regulation in the UK and comprises a mixture of Bank of England staff and external experts.
- It will sit alongside the Prudential Regulation Authority and the Financial Conduct Authority.
The Bank of England has crunched its numbers and worked out the banking sector needs to fill a £25m 'black hole' in its reserve funds.
The Bank of England's new regulator has just revealed how much danger our banks are still in, and it is not pretty.
The UK's big banks mess is very well documented. The FPC report will help show just how far they are from getting a clean bill of health.