FSA could survive Tory government
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Reports today suggest that George Osborne, the new Tory chancellor has had to scrap plans to hand over banking supervision to the Bank of England under a five-year coalition deal struck with the Liberal Democrats last night.
According to the Financial Times newspaper, Tory officials have admitted that the Financial Services Authority could survive the planned shake-up of banking regulation.
While the Bank is thought to be given macro-prudential control, monitoring systemic risk in the economy, the Liberal Democrats do not want it to be responsible for regulating individual banks.
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Readers' comments (6)
Anonymous | 12 May 2010 11:38 am
Another kick in the bits for the voters. Many thousands of people would have voted for the Conservatives due to the fact that they promised to do away with the FSA. As a result, they have voted for the party who are having to jump into bed with a party they didn't vote for, and now find that the very reason they voted is to be ignored. The only way to solve this is to go back to the polls, this so called coalition will be a disaster for all involved, not just the Financial Services industry.
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Bobby | 12 May 2010 1:46 pm
Thats that then.
Every whole of market mortgage broker in the country may as well give up now.
Cheerio and good luck.
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Anonymous | 12 May 2010 2:21 pm
Nuffink the matter with the FSA other than insteed of banning the one-man-band broker operating above the Kebab-shop next to the Off-licence they should hit they big boys...they know who they are!!!
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John Tidswell | 12 May 2010 3:11 pm
Well that's a real shame. I was looking forward to the expense of changing the details of the regulator on all our letterhead, compliment slips, brochures, business cards!
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Grey Haired Underwriter | 13 May 2010 12:10 pm
Anon - 11.38. I actually think the abolition of the FSA might not have had a great impact on the outcome of the general election. In fact I am dubious as to whether anyone outside of financial services has any idea as to what the FSA does or doesn't do. I therefore find it rather interesting that you think this is justification for the re-run of the election. Besides which do you honestly believe that any party has ever lived up to their manifesto pledges or are we on different planets
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Anonymous | 13 May 2010 12:48 pm
Grey Haired if you read the post it does not advocate a re run due to the FSA. It states thousands would have been influenced by that particular pledge. As for he view of going back to the polls, this is based on my opinion that teh whole thing has been a farce. As for he different planet argument, you may well have a point but I have never known a party to change their manifesto as they take office
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