Fate of the Financial Services Authority: Bought back from the brink or on the edge of a precipice

Chambers, Clare (2010). Fate of the Financial Services Authority: Bought back from the brink or on the edge of a precipice. Business Law Review, 31(8/9) pp. 198–200.

Abstract

t has not just been the electorate which has been held in turmoil in recent days but also the fate of the Financial Services Authority (FSA) and the Bank of England regarding their future role in financial regulation. Now that the United Kingdom (UK) has a coalition government between the Conservatives and the Liberal Democrats, the fate of both of these power houses in banking regulation are a little clearer. Or are they? The proposed new deal announced on the 12 May 2010 outlines the new government’s plans for financial regulation and reform. This paper examines the pre-election promises and how a hung-parliament has altered the coalition government’s opinions as to the future of financial reform. Firstly, the paper therefore examines firstly the background to the reform and why banking reform was at the forefront of the political agendas pre and post election. Secondly, the paper looks at the banking regulation pre-election promises made by both the Conservative and the Liberal Democrats. Thirdly the paper examines the ‘new deal’ plan set out under the new coalition government. The paper concludes by postulating what the future may hold for the FSA.

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