June 16 (Bloomberg) -- Chancellor of the Exchequer George Osborne published draft legislation that will hand powers to the Bank of England to police Britain's banks in the biggest regulatory overhaul since 1997.
The draft Financial Regulation Bill, which will now undergo pre-legislative scrutiny, will abolish the U.K.'s Financial Services Authority and transfer most of its powers to the central bank.
"This is a key milestone in the process of developing and implementing a new system of financial regulation, which will address the flaws in the 'tripartite' model that contributed to the financial crisis," Treasury Minister Mark Hoban said in an e-mailed statement in London today. "This is a detailed blueprint for regulatory reform setting out how the new structure will work."
The draft Financial Regulation Bill, which will now undergo pre-legislative scrutiny, will abolish the U.K.'s Financial Services Authority and transfer most of its powers to the central bank.
"This is a key milestone in the process of developing and implementing a new system of financial regulation, which will address the flaws in the 'tripartite' model that contributed to the financial crisis," Treasury Minister Mark Hoban said in an e-mailed statement in London today. "This is a detailed blueprint for regulatory reform setting out how the new structure will work."
