Chancellor George Osborne told the House of Commons today that the Financial Services Authority (FSA) will be dismantled and the Bank of England will become the country’s top regulator.
“On the structure of regulation”, said Osborne, “our plan is to hand over to the Bank of England responsibility for macro-prudential supervision, that should never have been taken away from it.”
During the election campaign, Osborne noted his dissatisfaction with the FSA, hinting strongly that he would push to reduce the FSA’s authority should the Conservatives gain power.
Source: BBC News