Osborne 'to give Bank of England top regulatory role'

Chancellor George Osborne is expected to announce later that the Bank of England will be given the key role in regulating the UK financial sector.

In his first Mansion House speech, he is tipped to return this power to the Bank at the expense of the Financial Services Authority (FSA).


Before the election, Mr Osborne had suggested he would abolish the FSA.

However he is expected to say that the FSA will continue to have the role of supervising individual banks.

The FSA has come in for criticism for not doing enough to prevent or limit the crisis in the financial markets.

Sourced from The BBC