Tories to move fast on reform

The Conservative government yesterday reiterated its promise to tear up the current structures of financial regulation, and transfer banking supervision to the Bank of England within a year of winning a general election. In the same week that the Financial Services Authority chief executive Hector Sants resigned, the shadow financial secretary Mark Hoban vowed to push ahead with the Tories’ plans. “We want the Bank to take responsibility for macro and micro prudential supervision in the first year,” Hoban said in an interview with the Financial Times.