FSA to be scraped and its powers divided

There's a huge regulatory revolution happening the UK right now as George Osborne, UK's finance minister, is scrapping the FSA and is dividing its powers between the Bank of England, a new white-collar crime unit and a new Consumer Protection and Markets authority.
This is what FT reports:
George Osborne moved to redress what he described as the spectacular regulatory failure of the City, announcing the abolition of the Financial Services Authority and a sweeping increase in the Bank of England’s powers.
Mervyn King, the Bank’s governor, will become one of the most powerful central bankers in the world, with a new remit to prevent the build-up of risk in the financial system in addition to his monetary policy role.
Mr King told a City audience at Mansion House on Wednesday night that his new role in enforcing financial stability was to “turn down the music when the dancing gets a little too wild”.
Mr Osborne confirmed his plan to split up the FSA – a creation of Gordon Brown in 1997 – which the chancellor largely blames for failing to spot the approaching financial hurricane and the weakness of banks like Northern Rock.
“The FSA became a narrow regulator, almost entirely focussed on rules-based Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term,” Mr Osborne said in his first Mansion House address. “No-one was controlling levels of debt and when the crunch came no-one knew who was in charge.”
The FSA will lose much of its role to a new Consumer Protection and Markets Authority, charged with regulating the conduct of every bank and policing the City.
There's a huge regulatory revolution happening the UK right now as George Osborne, UK's finance minister, is scrapping the FSA and is dividing its powers between the Bank of England, a new white-collar crime unit and a new Consumer Protection and Markets authority.
This is what FT reports:
George Osborne moved to redress what he described as the spectacular regulatory failure of the City, announcing the abolition of the Financial Services Authority and a sweeping increase in the Bank of England’s powers.
Mervyn King, the Bank’s governor, will become one of the most powerful central bankers in the world, with a new remit to prevent the build-up of risk in the financial system in addition to his monetary policy role.
Mr King told a City audience at Mansion House on Wednesday night that his new role in enforcing financial stability was to “turn down the music when the dancing gets a little too wild”.
Mr Osborne confirmed his plan to split up the FSA – a creation of Gordon Brown in 1997 – which the chancellor largely blames for failing to spot the approaching financial hurricane and the weakness of banks like Northern Rock.
“The FSA became a narrow regulator, almost entirely focussed on rules-based Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term,” Mr Osborne said in his first Mansion House address. “No-one was controlling levels of debt and when the crunch came no-one knew who was in charge.”
The FSA will lose much of its role to a new Consumer Protection and Markets Authority, charged with regulating the conduct of every bank and policing the City.