On The Financial Regulation Of UK And Its Reference To China

As an old financial center,the UK has accumulated abundant wisdom,effective practice and institutional construction in its historic process of financial development and financial regulation.The Financial Services Authority,FSA,which was constructed in 1997,and the Financial Services and Market Act 2000,which was passed in 2000 and took effect in 2001 have been playing a significant role in the development of its financial industry,and meanwhile,other countries pay a high tribute to it.After the 2008 financial crisis,countries have learned the lesson from the crisis and have begun to take measures to reform their financial regulatory frame,reshaping their supervisory system and perfect the financial regulatory system,and the UK is no exception.In response to coping with the impact from the crisis,and adapting to the new development of financial industry,the Financial Services and Markets Act 2000 was revised in 2010.1n 2012,the FSA was reformed and two regulatory institutions were formed,that were Financial Conduct Authority,FCA and Prudential Regulation Authority,PRA.The result of the reform is that a new financial regulation model-macro-prudential regulation and micro-prudential regulation is formed,which is conducted by Bank of England and the Treasury,following by the Financial Policy Committee,Financial Conduct Authority and Prudential Regulation Authority.Meanwhile,to learn the lessons from the 2008 crisis,the UK began to enhance the financial consumer protection,reinforcing its distinctive and effectual financial consumer protection systems such as the Consumer Redress Schemes,the Ombudsman Scheme,and the Financial Services Compensation Scheme.'Wise men learn from others',in the institutional construction of financial regulation and financial consumer protection,we can learn from the effective practice of UK,combining the nowadays development of financial industry,building the financial consumer protection system to maintain the rights and interests of financial consumers,to maintain the public confidence to the financial market,promoting the stable and healthy development of financial industry.