Financial regulator to be axed under Tory rule

The Financial Services Authority could be abolished and see its responsibilities shifted to the Bank of England, if the Conservative Party wins the next election.

George Osborne
George Osborne

The party’s finance spokesman George Osborne is expected to make a full outline of its plans later today (July 20) in what is expected to be the most comprehensive plan yet for regulating the financial system.

He is expected to say that the financial regulator’s responsibilities will be split between the Bank of England and a new consumer protection agency.

On the party’s website, Osborne said: “Given everything that has happened, it would be bizarre to stick with a system of regulating the banks that failed so spectacularly.”

The proposed changes would see the dissolution of the system introduced 12 years ago by Prime Minister Gordon Brown when he was finance minister. Responsibility is currently split between the FSA, the Bank of England and the Treasury.

Latest from Marketing Week


Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now


Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.


From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.


Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email

If you are looking for our Jobs site, please click here