Conservative leadership candidate Ken Clarke has vowed to review the scope
of the FSA within two years if he is elected leader, as part of the party's
policy towards financial services.
The former Chancellor has committed himself to splitting the roles of
chief executive and chairman following the term of Howard Davies and
conducting a wider ranging review of the regulator as a whole if the Tories
Speaking to a national newspaper, Clarke said: “I am not wildly
enthusiastic about having one monster Financial Services Authority which
could so easily acquire a culture of its own which could become
anti-entrepreneurial and anti-business.”
The candidate in the leadership race, the results of which are due to be
announced on September 12, is the first of the two rivals to speak out
about financial services matters. A spokesman for Clarke says the FSA is
one of a number of issues to be flagged up for review if he becomes leader.
FSA spokesman Patrick Humphris says: “Lots of protections have been built
into the legislation behind the FSA to make sure we do not abuse our