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Can we trust politicians to oversee financial regulations in the UK?

With news that the Conservative party is looking to dismantle the Financial Services Authority (FSA) and hand back ultimate regulatory control to the Bank of England, if it gains control of the UK Parliament, many are starting to ask whether politicians are ultimately the right people to oversee the regulatory environment.

Billions upon billions of pounds have been spent over the years on various regulators in the UK with the financial system eating up the vast majority of this funding. If the Conservative government was to win the next general election we have the potential to see this system totally dismantled and effectively start again. While there is some concern that ultimately the politicians are in control of the regulations of the UK financial sector, it is more the fact that many civil servants or party supporters often find their way into top positions at places such as the FSA.

Unfortunately, there is no simple solution to keeping politics out of the financial markets and other regulatory landscapes because as ever the politicians and governments of the day all like to have their "finger on the pulse". There may be changes in the UK regulatory make up but ultimately yet again the government of the day will have a major say in the outcome.

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