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Bank of England calls for more power

The UK regulatory framework for the financial sector looks like finding itself in the middle of a serious power struggle after the Bank of England announced that it would request more powers from the government to intervene directly in markets. This has the potential to put the Bank at odds with the FSA which for many years now has been the preferred regulator of the financial services market.



Prior to the creation of the FSA it was the Bank of England which was in control of financial regulation in the UK and it looks as though we may be about to take a step backwards if the government agree with the Bank's argument. Would it be a step back on the regulatory front or a return to more successful and more hard line regulation?



The FSA has presided over a period of great change in the UK financial sector, a period which has seen regulation taken away from the Bank of England and placed into the hands of the sector itself with the FSA to overlook any major issues, i.e. self regulation. But has self regulation been successful?



If the last decade is anything to go by then a move back to more hard line regulation - via the Bank of England may not be such a bad thing after all.

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