However, the financial crisis demonstrated the need for a new approach to financial regulation in the UK. This has resulted in a major expansion in the Bank’s responsibilities, which came into force in April 2013.
In some respects, this represents a return to the broader role that the Bank exercised in the past. However, while the Bank’s commitment to serving the public good would be recognisable to its seventeenth century founders, its responsibilities are now clearly defined by Parliament.
The Financial Service