Bucking advice from the IMF, the European Central Bank, the National Bank of Poland and a host of economists, Poland is launching a unified financial industry regulator this month that will oversee its securities, insurance and banking sectors. The creation of the Financial Oversight Commission was a part of the electoral programme of the ruling conservative Law and Justice party, which argued that it would be more efficient to unify all regulators, a step taken by many countries, including the UK.
According to Cezary Mech, the architect of the legislation creating the commission, a unified commission is needed because: “There is a trend to centralise regulatory authorities because financial products are increasingly linked.”
