Twin Peaks Revisited - Centre for Competition Law and Policy
Twin Peaks Revisited - Centre for Competition Law and Policy
Twin Peaks Revisited - Centre for Competition Law and Policy
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UK’s system pre-crisis<br />
� Clear separation of roles between BoE <strong>and</strong> FSA.<br />
� BoE focused on monetary policy.<br />
� FSA focused on micro-prudential supervision <strong>and</strong><br />
(especially) consumer protection.<br />
� Who was responsible <strong>for</strong> financial stability?<br />
� Who was responsible <strong>for</strong> crisis management?<br />
� Tripartite arrangements (Treasury, BoE, FSA) were<br />
unwieldy <strong>and</strong> wilted in heat of crisis. No one in overall<br />
charge.
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