The Conservative Party has today launched a policy white paper - From Crisis to Confidence - Plan for Sound Banking - which builds on the review of the tripartite system of regulation published earlier this year by Sir James Sassoon. The white paper advocates the abolition of the tripartite system of regulation and argues for a central and expanded role for the Bank of England in the regulation of banks and financial firms (including firms' pay structures, riskiness, complexity and size). The paper proposes the abolition of the Financial Services Authority, replacing it with a new Consumer Protection Agency. The Liberal Democrat Party proposals for banking regulation reform are expected to be outlined later today in a speech by Dr Vince Cable at the London Stock Exchange.
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