In particular, it is necessary to ensure that the large set of rules approved to-date is complemented with institutions and mechanisms that allow them to be applied and complied with. I would say that Europe needs qualitative change towards fiscal union.
Once the FSR Bill is promulgated, the Prudential Authority will regulate individual banks and insurance companies while the Financial Services Board, previously responsible for overseeing the entire insurance sector and other non-banks, will assume responsibility for market conduct within the banking and wider financial sector.