The next Conservative Government would make the FSA more accountable to Parliament and relax the level of regulation centred on the financial services industry.
It would create a House of Lords committee responsible for vetting regulation which is viewed as too much of a burden on business.
Tory Shadow trade and industry secretary David Heath- coat-Amory says the party would establish an independent commission made up of industry experts to decide what areas of regulation need to be reviewed or scrapped.
Heathcoat-Amory says: “The FSA is a good example of a regulatory body where there needs to be more Parliamentary scrutiny. Most of the new Financial Services and Markets Act is being passed through secondary legislation where there is little or no debate.”