Queen's Speech: FSA future hazy as Bank handed supervisory powers

As expected, the Bill will give the BoE control of macro-prudential regulation and, crucially, oversight of micro-prudential regulation. While it is not clear whether the FSA will be scrapped altogether, in a speech written by Prime Minister David Cameron, the Queen hinted today's Bill was a vote of no-confidence in the City watchdog's handling of the financial crisis. In her opening remarks to Parliament in which she presented 24 Bills outlining the coalition government's political direction for at least the next 18 months, the Queen said: "Legislation will reform the framework for...