Tories outline plans for future of financial regulation

To prevent future financial crises, reform to the current regulatory model must be "based on a clear understanding of what went wrong in the first place", says Tory leader David Cameron. He blames the government's "confused and fragmented" tripartite system of regulation for the worst financial crashes since the 1930s and argues the need for one body to be unambiguously in charge of financial stability to prevent future crises. In their 52 page "plan for sound banking", the Tories propose empowering the Bank of England to regulate all banks, building societies and other major financia...