UK: Lord Turner's Mansion House speech and the role and powers of the FPC

Lord Turner, the chairman of the Financial Services Authority, delivered a speech yesterday in which he commented on the proposed new financial regulatory structure - the legislation for which is currently subject to pre-legislative scrutiny - and highlighted some of the issues which he believed required the particular attention of Parliament and society at large: see here. One such issue was the operation of the Financial Policy Committee and the powers it should be given.