Some British political institutions have lasted centuries. Then there’s the Financial Services Authority (FSA), about to be cashiered after just 14 years of existence. Then–chancellor of the Exchequer Gordon Brown created the FSA in 1997 as an independent financial overseer to replace a lax system of fractured regulation. Now David Cameron, Brown’s successor as prime minister, plans to dismantle the FSA and divide its responsibilities among three new entities.
By shifting power to the Bank of England and pursuing “more proactive intervention,” the government says it envisions a system of “more judgment-led, focused, and effective regulation,” according to a white paper that the U.K. Department of the Treasury published in February.
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