Correspondence

Remit and recommendations for the Financial Policy Committee: November 2024

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England providing recommendations for the Financial Policy Committee (FPC).

• From: HM Treasury and The Rt Hon Rachel Reeves MP
• Published: 15 November 2024

Documents

Recommendations for the Financial Policy Committee (PDF)

PDF, 117 KB, 9 pages

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Recommendations for the Financial Policy Committee (HTML)

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Details

The Financial Policy Committee (FPC) acts as the UK’s macroprudential authority. It is tasked with ensuring that emerging risks and vulnerabilities across the financial system are identified, monitored and effectively addressed.

The Bank of England Act 1998 requires the government to provide the FPC with a written remit and recommendations at least once a year.

The remit specifies the government’s economic policy and provides guidance to the FPC on its objectives and functions.

The FPC is required to respond to the government, setting out any action it has taken or intends to take in response to a specific recommendation and, if appropriate, any reasons why it does not intend to act on a recommendation.

Published 15 November 2024