Bank of England Usurps Bank of England Regulation. - The Crown, a private corp.Submitted by Mark Twain on Wed, 04/03/2013 - 17:30
Labour's (Labor's) banking watchdog abolished as Bank of England takes charge of regulating financial service industry
[Translation:] The Central Bank of England has once again taken over any remnant of government control & will regulate itself.]
The Financial Services Authority (FSA) was set up by Gordon Brown Prime Minister in 1997.
Bank of England will now take sole charge of regulating lenders. Regulators will be replaced by [The Bank of England.] The Prudential Regulation Authority and the Financial Conduct Authority [Names created to continue the pretense of regulation.], which will act as the City's behavioural watchdog. By JAMES CHAPMAN, POLITICAL EDITOR
April 1, 2013 (aka: April Fool's Day; seemingly serious power shift)
The FSA was set up as part of Mr Brown’s so-called ‘tripartite structure’, which meant banks, insurers, building societies and other such firms were regulated by the FSA, the Treasury and the Bank of England.
The FSA is being replaced with two successor organisations: the Prudential Regulation Authority, which will ensure the stability of financial services firms and be part of the Bank of England, and the Financial Conduct Authority, which will act as the City’s behavioural watchdog.
The moves are part of a big increase in the powers of the Bank of England and its new governor, Mark Carney, who takes charge in July.
The Guardian, Monday 1 April 2013: Bank of England given power to regulate City. George Osborne to shrug off criticism that he is putting too much power into the hands of the Bank of England governor.