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FSA to be scrapped

To no real surprise, the Chancellor announced last night that the Financial Services Authority (FSA) was to be scrapped.

At his first Mansion House speech as Chancellor, George Osbourne confirmed that the Bank of England would now be given the key role in regulating UK financial services and that the FSA would "cease to exist in its current form."

Commenting on the announcement, Tony Rice of Bedfordshire-based specialist mortgage and insurance brokers TMP Mortgage Zone, said: "A recent poll amongst mortgage brokers showed that over three-quarters of them felt the FSA should be scrapped so this will come as welcome news to many people in the industry. However, the new regulators will need to ensure that the few 'bad eggs' in our industry are still identified, banned or prosecuted so that customers' faith in the professionalism and expertise of their mortgage broker is not damaged."

[ 17-06-2010 ]

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