FSA powers to be cut
Chancellor George Osborne has confirmed that he will give the Bank of England the key role in regulating the UK financial sector, according to reports.
In his Commons speech Mr Osborne said the current system of financial regulation had "failed spectacularly".
Mr Osborne is due to give more details of his plans in tonight's Mansion House speech, but said that the existing regulatory systems, led by the Financial Services Authority (FSA), will be dismantled.
He confirmed the plans in answer to a question from shadow chancellor Alistair Darling.
Mr Osborne said: "On the structure of regulation, our plan is to hand over to the Bank of England
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