Also, the Financial Policy Committee (FPC) was officially established at the BOE in 2013 as an entity to engage in macroprudential policy. The FPC will introduce “countercyclical capital buffers” reflecting the Basel III agreement, and is also expected to utilize “sector-based capital buffers” as major policy tools.
Furthermore, the FPC is currently seeking specific means by which to encourage coordination with the Monetary Policy Committee (MPC) – which is in charge of monetary policy conduct.