The Government has made significant steps to reform the financial services sector following the financial crisis, including by implementing the major recommendations of the Parliamentary Committee on Banking Standards (PCBS). The Financial Services
(Banking Reform) Act 2013 implemented several of the PCBS’s recommendations. This includes the introduction of the Senior Managers and Certification Regime, which takes action on individual accountability and misconduct, the establishment of the Payment Systems Regulator
, and giving the Prudential Regulation Authority
a secondary competition objective. The Government continues to monitor the impact of these reforms.