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93% want tripartite system changed, says SII

Ninety-three per cent of the finance industry believe the current tripartite system of financial supervision in the UK should be overhauled, according to the Securities & Investment Institute.

According to an online survey, 55 per cent are in favour of the Bank of England solely taking responsibility for keeping the sector in check, as advocated by the Conservative party.

Thirty-four per cent feel the FSA, which the Conservatives say they would abolish, should take the lead role.

Seven per cent support the existing system and only four per cent want to see HM Treasury put in charge.

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  1. Tripartite regulatory system
    Which ever organisation is used to regulate the financial services must be accountable to the Treasury Committee and the general public and not yet another quango.

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