Tories steal Darling's thunder

The Shadow Chancellor, George Osborne, told the House of Commons that an incoming Conservative government would scrap the tripartite regulatory system - FSA, Bank of England, Treasury - and replace it with a system where all prudential supervision of major financial institutions goes to the Bank of England, including banks, building societies and insurers. This would leave the Financial Services Authority as a "powerful regulator to protect consumers". Mr Osborne specifically said that it would have a brief "to stamp out unfair practices like mis-sold payment protection insurance and exc...