1.9 In 1997, the Government introduced a new system of financial regulation in the UK. The Financial Services and Markets Act 2000 created a single, independent, regulator for UK financial services, the Financial Services Authority (FSA). The Government also introduced a framework for financial stability, under which a Tripartite Standing Committee of the Treasury, the Financial Services Authority, and the Bank of England (the Tripartite Authorities), became responsible for preserving stability of the financial system. The role of each of the Tripartite Authorities is set out in a Memorandum of Understanding (Appendix 5). In exceptional circumstances such as those facing Northern Rock, ultimate responsibility for the authorisation of a support operation rests with the Treasury.