Tripartite wants 'world-class' regulatory system - papers 2 July

Aiming to produce a "world-class" regulatory system, the Bank of England, the Treasury and the Financial Services Authority jointly agreed on a range of moves aimed at strengthening each and improving liaison. Many commentators, including the Treasury Select Committee, drew attention to the apparent lack of leadership during the Northern Rock crisis and the credit crunch. Soon, a "Tripartite Standing Committee" of the Bank, the Treasury and the FSA will be formed to ensure the bodies work together. RIVALS RALLIED AROUND Lehman Brothers as rumours of a "fire sale" swirled around the mar...