United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy

April 8, 2022

Preview Citation

Format: Chicago

United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy, (USA: International Monetary Fund, 2022) accessed December 21, 2024

Summary

The United Kingdom’s macroprudential policy framework has proven its effectiveness. After the Global Financial Crisis (GFC) of 2007–09, the United Kingdom assigned the Bank of England (BOE) a clear financial stability mandate, created a new Financial Policy Committee (FPC) to set macroprudential policy, and shifted to a “twin peaks” model of financial oversight. The 2016 Financial Sector Assessment Program (FSAP) concluded that the new framework appeared appropriate for effectively conducting macroprudential policy. However, the framework was then relatively new. The 2021 FSAP represents an opportunity to review its performance in building systemic resilience through the financial cycle, including the market volatility resulting from the Brexit vote and the COVID-19 pandemic.

Subject: Countercyclical capital buffers, Financial regulation and supervision, Financial sector policy and analysis, Financial sector risk, Financial sector stability, International organization, Monetary policy, Stress testing, Systemic risk

Keywords: Affordability stress test, Countercyclical capital buffers, Financial sector risk, Financial sector stability, FPC member, FPC mortgage market Recommendations, Global, Housing price development, Mortgage market, Policy action, Policy measure, Stress testing, Systemic risk

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/104
Stock No:

1GBREA2022005
ISBN:

9798400206627
ISSN:

1934-7685

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