Ten Years of Twin Peaks: Successes, Failures and Future Challenges

The UK supervisory system of separate prudential (PRA) and conduct (FCA) regulation has been in place since 2013. In this public lecture, Charles Randell, who was a member of the Prudential Regulation Authority and subsequently chaired the Financial Conduct Authority, will discuss some of the successes of this system, some of its failures and the biggest challenges which lie ahead.

This public lecture will discuss while the last ten years has seen regulatory failures as well as successes, I believe that overall the Twin Peaks structure serves us well. But addressing the challenges which the future will bring, including disruption from technology and geopolitical tensions, will require even closer cooperation between the prudential and conduct regulators as well as more intensive macroprudential oversight of risks outside the banking sector.

Sustainable economic growth requires a financial sector that provides useful services to UK consumers and businesses in the real economy, not rent extraction and socially useless speculation. And it is the Government, not the financial regulators, which holds most of the levers of economic growth, including improving the capability of consumers and small businesses to use financial services in a way that benefits the UK as a whole.

Speaker: Charles Randell
Chair: Julia Black (LSE)