The new Financial Services Authority: Plans for implementation

The UK is undergoing a revolution in the structure of financial regulation that is being closely watched — but not necessarily emulated — around the world. The motivation for change was clear and, by and large, implementation is taking place in an admirably transparent way. But there must be real concerns about the relationship between the new Financial Services Authority and the Bank of England, the ‘consumerist’ orientation of the new legislation, the funding of the new regulatory structure and the regulation of complex groups.