Advisers say FSA powers should be transferred to Bank

According to a survey of 294 IFAs by technology provider 1st Exchange, 76% think the Bank of England should take over the FSA's regulatory powers. But with new business secretary Vince Cable - who has been opposed to the scrapping of the FSA - confirming the regulator will remain intact, advisers look set to be disappointed. The Conservatives had previously set out plans to transfer the FSA's responsibilities to a new consumer protection agency and strengthen the Bank of England's powers in a shake-up of the New Labour tripartite system of regulation. However, under plans unveiled ...