There should be a greater level of "productive overlap" between the Bank of England and FSA on financial supervision, according to a Government report on regulatory reform.
The report by the Financial Services Global Competitiveness Group, co-chaired by the Chancellor Alistair Darling and former Citi Chairman Sir Win Bischoff, recommended that the UK should periodically review its regulatory structures and look to lead the EU and global debates on the new regulatory architecture. It added: "As to the allocation of tasks between the FSA and the Bank of England (and whether different structures would have made meaningful difference to the current crisis), we support a greater degree of "productive overlap" on financial stability and prudential supervision betwee...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
