UK outlines strategy for new micro regulator

Lloyds flagship building in the City of London

British regulators on Thursday set out how the Prudential Regulation Authority (PRA) will supervise the UK's financial firms. 

The joint Bank of England and the Financial Services Authority (FSA) paper, The Bank of England, Prudential Regulation Authority – Our Approach to Banking Supervision, outlined a five-step approach to risk assessment that will be used to establish which institutions need more supervision than others.

Hector Sants, FSA chief executive and PRA chief executive designate,

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