Vince Cable's candid interview in the Guardian confirms the decision to abolish the FSA and split its role was a matter of some contention within the newly-formed coalition Government.
The original agreement between the Conservatives and Liberal Democrats was silent on the matter and it looked as if the FSA had won a reprieve - certainly this is how quite a few of us read the agreement. That turned out to be a premature judgement as Chancellor George Osborne seized the initiative and announced to a dinner of City grandees at Mansion House in the middle of June that the reform of financial services regulation was going to proceed largely along the lines set out in the Conservative manifesto. He added some clarity over the split in responsibilitry between the Bank of...
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