Chancellor of the Exchequer George Osborne will today hail the “resetting” of the U.K.’s financial services regulatory system with a new banking agency with greater powers to replace an “old failed regime” overseen by the Financial Services Authority.
The U.K. Financial Services Authority increased its annual budget by 15.6 percent to 578.4 million pounds ($914 million) in its last year of operation, citing the challenges of structural changes and implementing European rules.
Chancellor of the Exchequer George Osborne said he will abolish the Financial Services Authority and give most of its power to the Bank of England, undoing the regulatory system set up by Gordon Brown in 1997.
The U.K.’s Financial Services Authority wasn’t able to publish its supervisory report on Royal Bank of Scotland Group Plc without permission from the banks and individuals involved in the investigation.
The U.K. government plan to abolish the Financial Services Authority and give most of its power to the Bank of England won’t change how banks are regulated as the European Union assumes a larger role, lawyers say.