Treasury insiders today denied that plans by Alistair Darling to extend the role of the Financial Services Authority in policing banks and the financial system would risk sparking conflict between the FSA and the Bank of England, reports The Times.
Officials confirmed that a new Banking Act planned by the Chancellor for this autumn will give the FSA a wider remit encompassing the overall stability of the financial system, extending beyond its present powers over individual banks. But insiders insisted that the change in the FSA's role would not create an overlap with the Bank of England's responsibilities for overall stability that could provoke clashes between the two key watchdogs. Full story...
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