Osborne: CPMA will be 'world class' regulator

During Treasury questions yesterday afternoon Osborne called the tripartite system of financial regulation created by Labour in 1997 a failure. He said: "The creation of the Consumer Protection and Markets Authority (CPMA) will provide a stronger consumer voice; it will be a world-class regulator." He added the Prudential Regulatory Authority (PRA) ‘will exercise discretion and judgement as well as ensuring boxes are ticked' in order to counter future bank collapses. On Tuesday morning, FSA chief executive Hector Sants wrote to heads of financial service providers to tell them the ...