RTTNews - Tuesday, UK's select Committee on Economic Affairs of House of Lords said the framework of regulation and supervision failed to mitigate financial crisis.

The tripartite authorities namely Bank of England, Financial Services Authority and Treasury were found wanting in dealing with the crisis because their roles were not well defined and they were not clear as to who was in charge.

The Committee recommended the Government to return responsibility for macro-prudential supervision to the Bank of England. The executive powers should be exercised through a broader-based Financial Stability Committee, including substantial representation from the FSA and the Treasury.

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