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Conservative party announces plans to abolish FSA

The Conservative party has announced plans to abolish the Financial Services Authority (FSA), should it gain power in the next general election, in a move which will significantly change the regulatory landscape in the UK. The closing down of the FSA would see all regulatory powers transferred back to the Bank of England which would take a more hands-on approach to regulatory issues in the future.

This new strategy is completely at odds with the UK government of the day and set to draw yet more battle lines between the two parties. The Conservative party has long been seen as the party of business and finance although the Labour Party has over the last few years made significant inroads into Conservative strongholds. It will be interesting to see how the government responds to the announcement of the potential abolishment of the FSA and a return to the more traditional Bank of England style of regulation.

There have been rumours over the last few weeks regarding the Bank of England and the Conservative party working closer together and this move by the Conservative party is sure to fuel the fire of this particular issue. Whatever happens at the next general election there appear to be significant changes afoot in the UK financial sector.

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