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Why is the Conservative party set to close down the FSA?

As the battle lines for the next general election continued to be drawn, with the announcement that the Conservative party would close down the FSA (Financial Services Authority) and transfer power back to the Bank of England, this move has been greeted with surprise by many people. However, if you look back 20 years you would see a UK financial regulator which was effectively the Bank of England and a financial sector which mushroomed after so-called "big bang".

The Bank of England has literally hundreds of years of experience in the financial markets, something which the current government appears set to ignore as the Bank of England has been sidelined more and more. When you also consider the millions upon millions of pounds which have been poured into the FSA there is a debate as to whether taxpayers have received value for money. No matter what the authorities claim or suggest there is no doubt that the FSA, along with the Bank of England and the UK government, has been as much at fault in the handling of the current UK recession as anybody.

While the split role of the FSA and the Bank of England did work to some extent there is a belief that potentially the financial sector has outgrown this particular set-up.

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