Tories name BoE directors that would break up FSA
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The Tories have named Bank of England deputy governor Paul Tucker and executive director of special operations in the banking sector Andrew Bailey as the men they would appoint to lead the break-up of the FSA.
According to the Independent, the two BoE directors have been earmarked to oversee the transfer of banking supervision from the FSA to the Bank if the Conservative party comes to power.
The Independent says early talks have taken place between the Tory treasury team and Tucker and Bailey, but shadow chancellor George Osborne has not yet decided which of the two would take prime responsibility for the transfer.
In July last year the Tories announced plans to scrap the FSA, handing responsibility for prudential regulation to the Bank of England and setting up a new consumer protection authority to handle conduct of business regulation.
The Independent quotes a senior Tory source as saying: “If we win the election, we will want to move ahead as fast as we can with the break-up of the FSA.
“Our plan needs primary legislation which will take some time, but in the interim period we will need top directors at the Bank to take operational control to start work on what parts of the FSA need to go where.”
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Readers' comments (3)
Anonymous | 12 Apr 2010 11:20 am
This can only mean more intrusive regulation for ifa's.
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Anonymous | 12 Apr 2010 11:20 am
This can only mean more intrusive regulation for ifa's.
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Evan Owen | 12 Apr 2010 12:46 pm
"If we win"... how about a hung Parliament?
There is no hope of radical change in regulation, new door plates, signs and names but... same old regulators, same old mindset.
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