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The Financial Policy Committee (FPC) was created by the Financial Services Act 2012 and came into existence on 1 April 2013 as a key element of the governments reforms to strengthen the financial regulatory structure in the UK.
The FPC is tasked with monitoring the stability of the financial system as a whole, with a view to ensuring that emerging risks and vulnerabilities are identified and effectively addressed. As part of its ongoing work the FPC publishes a Financial Stability Report (FSR) twice a year.
After the publication of each Financial Stability Report the Chancellor and the Governor of the Bank of England are required, by the Bank of England Act 1998 (as amended by the Financial Services Act 2012), to meet to discuss the report and other matters related to financial stability.