It was announced in 2010 as a new body responsible for monitoring the economy of the United Kingdom.
[1] Focusing on the macro-economic and financial issues that may threaten long term growth prospects,[2] it was expected to be officially set out in legislation during 2012.
[4] Once operational, the committee, headed by the Governor of the Bank, it will address any risks it identifies by passing on its concerns to a new Prudential Regulation Authority (PRA), which will be obliged to act.
[2] Plans for the committee were set out in George Osborne's first Mansion House speech in June 2010, along with the creation of the PRA and a Consumer Protection and Markets Authority (CPMA, later renamed the Financial Conduct Authority, or FCA).
[1] Minutes of FPC meetings are made available,[4] a move intended both "to increase transparency and to help transmit messages to the City".