FSA Break Up
Breaking News: UK Splits FSA Regulator into 3 Agencies
A big story that just came out over the wire is that the United Kingdom has decided to break its chief financial regulator, the Financial Services Authority, into three separate agencies. The move will consolidate power within the Bank of England as the Financial Services Authority breaks into three new agencies with a bank regulator in the Bank of England. This is a big move by the UK government to address the coming challenges for financial regulation as the head of the U.K. Treasury said it will be "a new system of regulation that learns the lessons of the greatest banking crisis in our lifetime."
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
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