Chancellor rejects suggestions of BoE and FSA merger

The Chancellor also indicated that more regulation was needed to prevent banks from hiding their debts. At this morning’s Treasury Select Committee hearing, the Chancellor defended the role of the tripartite authorities, the Treasury, Bank of England and the FSA, in this summer’s credit crunch. The Select Committee suggested merging the FSA and the Bank of England would combine the responsibility of supervising banks and overseeing the financial system, helping prevent a future crisis. However, Darling failed to answer a question on whether the tripartite authorities had failed, simpl...