Correspondence: Remit and recommendations for the Financial Policy Committee
Monday, 4 November 2019 19:36
Letter from the Chancellor of the Exchequer to the Governor of the
Bank of England providing the remit and recommendations for the
Financial Policy Committee (FPC) for 2019. Documents FPC remit 2019
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Letter from the Chancellor of the Exchequer to the Governor
of the Bank of England providing the remit and
recommendations for the Financial Policy Committee (FPC)
for 2019.
Details
The FPC acts as
the UK’s macroprudential authority. It is tasked with
ensuring that emerging risks and vulnerabilities
across the financial system are identified, monitored
and effectively addressed.
The Bank of England Act 1998 requires the government
to provide the FPC with a
written remit and recommendations at least once a
year.
The remit specifies the government’s economic policy
and provides guidance to the FPC on its
objectives and functions.
The FPC is
required to respond to the government, setting out
any action it has taken or intends to take in
response to a specific recommendation and, if
appropriate, any reasons why it does not intend to
act on a recommendation.
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