Definition of tripartite system

In the UK, the tripartite system for sharing responsibility for financial regulation includes the Financial Services Authority, the Treasury and the Bank of England.

The system was put in place in 1997 by Gordon Brown, when the Labour prime minister held the post of chancellor of the exchequer.

Under that system, the Bank of England was given responsibility for financial stability. The FSA was responsible for regulating individual banks and the Treasury deals with legislation.

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Finance: Eroded authority

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