Tories would take down FSA within a year

Mark Hoban countered suggestions the Conservatives were getting cold feet about the planned reforms, which rest on breaking up the City regulator and giving more power to the Bank. "We want the Bank to take responsibility for macro and micro prudential supervision in the first year," Hoban told the Financial Times. The plan has faced considerable resistance in the City in the seven months since it was proposed by George Osborne, the shadow chancellor. Critics oppose a large-scale restructuring when the financial services industry is facing increasing international regulatory change...