Non-News? UK's FSA Dismantled

[bpr]

I came across this news yesterday and expected to read a torrent of commentary here by people more knowledgeable than me.

As I understand the abolishment of the FSA, most of the UK's financial regulatory powers will be consolidated under the central bank (BoE).

http://news.bbc.co.uk/2/hi/business/10338178.stm

Seems like a major overhaul, the equivalent of the Federal Reserve in the US being granted the powers of the SEC, the FDIC. Not that the SEC would ever act outside of the Fed, but to make it explicit would cause alarm, I would think.

Is this the non-event it seems to be?

[GRG55]

Re: Non-News? UK's FSA Dismantled

I came across this news yesterday and expected to read a torrent of commentary here by people more knowledgeable than me.

As I understand the abolishment of the FSA, most of the UK's financial regulatory powers will be consolidated under the central bank (BoE).

http://news.bbc.co.uk/2/hi/business/10338178.stm

Seems like a major overhaul, the equivalent of the Federal Reserve in the US being granted the powers of the SEC, the FDIC. Not that the SEC would ever act outside of the Fed, but to make it explicit would cause alarm, I would think.

Is this the non-event it seems to be?

Would appear to be a ho-hum, as it is more or less just unwinding the structure that Gordon Brown put in place under the immediately past Labour Government.