Controversy Over New Banking Act Proposals
Officials have confirmed that Chancellor Alistair Darling is planning to extend to role of the Financial Services Authority (FSA) with the new Banking Act that will give them greater power to police banks and the financial system.
There have been question marks over whether the changes will see an overlap with the Bank of England’s responsibilities and therefore potentially cause a clash between the two watchdogs. However officials have said that the new Act will not limit or undermine the Bank of England’s current position.
The new Banking Act is said to be ‘mainly technical’ and is meant to mean that FSA will have a duty to consider the impact on the financial system as a whole when making decisions. The Bank of England will remain as overseers for the system and responsible for it’s stability.
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