United Kingdom: Financial Sector Assessment Program-Banking Supervision and Issues in Financial Stability

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2022 Issue 105

Publication date: April 2022

ISBN: 9798400207594

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Business and Financial , U , K , banking market , PRA buffer , PRA rule , U , K , banking sector , U , K , economy , U , K , deposit takers supervision , U , K , authorities , Stress testing , Credit risk , Operational risk , Global

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Summary

The Financial Sector Assessment Program (FSAP) carried out a targeted evaluation of issues relating to the effectiveness of banking regulation and supervision in the United Kingdom. It leverages on the 2016 FSAP which concluded that the United Kingdom (U.K.) had a high degree of compliance with the 2012 Basel Core Principles (BCPs) with some shortcomings. The 2021 FSAP reviewed the progress in addressing them and examined the main supervisory and regulatory developments since the last FSAP. The FSAP evaluation also focuses on steps taken to minimize disruptions in the U.K. banking system at the end of the Brexit transition period, and on the regulatory and supervisory measures introduced to contain spillovers from the ongoing COVID-19 pandemic on the U.K. banking system.