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The chancellor will use his Mansion House speech on 16 June to give the Bank of England the pivotal role in preventing a rerun of the financial crisis of the last three years.
Government sources said Osborne would use his speech, one of the big set piece events of the financial calendar, to "put flesh on the bones" of the coalition agreement on financial regulation.
This called for the Bank of England to be given the control of macroprudential regulation supervision, a "big picture" assessment of prevailing conditions in the City, together with an important say in the supervision of individual banks.
While Osborne's aides refused to be drawn tonight on whether the FSA would be scrapped entirely, Whitehall sources said it would certainly lose its independent role in the shakeup. Complete abolition was being considered by the Treasury, the sources said, despite support for the FSA's continued existence from the Lib Dems.
Osborne remains convinced that the tripartite system of regulation set up by Gordon Brown in — with control split fsa regulatory business plan the Bank, the Treasury and the FSA — was a key factor in the problems faced by the UK during the buildup to the financial crash.
Brown moved quickly and secretly to remove banking supervision from Threadneedle Street within a month of the election and Osborne is also keen to announce his planned reforms as soon as possible. Both the chancellor and David Cameron believe that the trend internationally is for regulatory power to be concentrated in central banks.
In the hours after the coalition government was formed last month it appeared that the chancellor had been forced into a climbdown and bowed to pressure from the Lib Dem business secretary, Vince Cable, to reprieve the FSA.
However, plans are well advanced in the Treasury to proceed with winding down the FSA and handing much of its power to the Bank of England.
The chancellor and other Treasury officials have failed to clarify their attitude to the FSA and although the Queen's speech promised to hand "control of macroprudential supervision" and "oversight of microprudential supervision" to the Bank, few in the City understand what this means.
Asked about the FSA when the coalition launched its programme for government last month, Osborne did not clear up the confusion. The programme for government also appeared to undermine the FSA when the coalition pledged to create a single agency to tackle white-collar crime — one of the main responsibilities of the City regulator, along with other government bodies such as the Serious Fraud Office and the Office of Fair Trading.
The FSA has been seeking clarity from the government about what the creation of the new white-collar agency would mean for its current enforcement team, which has been working hard to demonstrate that the regulator is getting tough on the City.
The prime minister described Labour's regulatory process as "a system in which no one was looking at the big picture, no one had responsibility and authority to act and no one was effectively in charge".
Sir James Sassoon, the City figure influential in devising the plan, is now a Treasury minister after receiving a peerage. The Tories planned to split the FSA's powers between the Bank and a new Consumer Protection Agency, which has not been mentioned in coalition documents.
City experts are concerned about the disruption that the closure of the FSA would cause at a time when markets are fragile. The FSA has still not been able to publish a precise departure date for its chief executive, Hector Sants.Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive midshore solution striking the ideal balance between client confidentiality and compliance with international best standards.
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George Osborne will risk a schism with the Liberal Democrats when he strips the Financial Services Authority of the majority of its powers in a shakeup of City regulation to be announced later. the firm and the service provider must establish, implement and maintain a contingency plan for disaster recovery and periodic testing of backup facilities where that is necessary having regard to the function, service or activity that has been outsourced.