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Conservative Party at odds with the FSA

David Cameron has stepped into the breach regarding the regulatory issue in UK with a suggestion that overall control of the UK financial sector will be passed to the Bank of England if his party regain power at the next general election. This has put David Cameron seriously at odds with the FSA and Lord Turner in particular appears to have serious issues with this potential move.

The suggestion that the Bank of England will return to the top of the regulatory pile should the Tories regain power is also very much at odds with Gordon Brown who has spent millions of pounds on the Financial Services Authority, although there are many suggesting this has been wasted funding. It will be interesting to see exactly how the UK regulatory environment changes in the short to medium term because there is no doubt that confidence is low and investors and participants in the market are looking for guidance.

It was the Tory party that initially came up the idea of giving the Bank of England ultimate independence from the government of the day although unofficially much of the power has been taken away from the Bank of England by the current Labour government. Is it the right move to give the Bank of England ultimate power over the financial sector or does there need to be a completely independent third-party regulator?

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