FSA Break Up
Breaking News: UK Splits FSA Regulator into 3 Agencies
The U.K. government on Wednesday unveiled a shake-up of the country's bank-regulatory system that will consolidate power within the Bank of England.
The Financial Services Authority, which for the past decade has been the primary supervisor of the U.K.'s giant banking and finance industry, will be splintered into three new agencies, including a bank-regulating subsidiary inside the Bank of England.
In a speech Wednesday night in London, the U.K.'s Treasury chief, George Osborne, trumpeted the long-awaited changes as "a new system of regulation that learns the lessons of the greatest banking crisis in our lifetime." Source