RTTNews - The Bank of England and the Financial Services Authority would get new powers after the banking reform, U.K.'s Chancellor Alistair Darling told Sky News in an interview on Sunday. Proposals on financial reforms are set to be published this week. The proposed reforms are set to toughen regulation.
We have got to toughen up the regulatory regime, both the Financial Services Authority and the Bank of England, we have got to make sure that we've got the right tools to do the job, he said.
In an article for the British newspaper News Of The World, Darling wrote regulators would be granted powers to do their work more effectively and be able to ask searching questions. We need to learn lessons from the financial crisis in which banks behaved in a kamikaze manner and the regulatory system failed, he added.
That needs to change. I want a new banking system we can all rely on and which will be the foundation of our new prosperity, he wrote.
The Chancellor also signaled that he will maintain the present tripartite system that divides responsibility between the BoE, FSA and Treasury.
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