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UK government loads the gun for the FSA to fire

The UK government today stands accused of instigating various regulatory changes and then taking a step back at the first sign of potential trouble. The latest move revolves round the ongoing change in the regulatory powers of the FSA (Financial Services Authority) and the ability to dictate the terms of various bank bonuses in the UK. This is a move which was begun by the UK government and effectively pushed through by the UK authorities over the last few months.

However, there has been some debate for some time as to whether a potential straitjacket on banking bonuses would in some way be against the law and potentially the human rights act. As a consequence, the UK government has taken a step back and appears ready to "pass the buck" back to the FSA. However, in a significant crack in the relationship between the UK government and the FSA, the head of the Financial Services Authority has today come out to warn MPs about potentially "passing the buck" back to them.

This ongoing infighting between UK government, the FSA and the Bank of England further strengthens the Conservative party's argument that the Bank of England should be at the centre of the UK regulatory system and the FSA closed down.

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