Coalition details regulation
CITY minister Mark Hoban is today set to solidify the coalition government’s plans to overhaul banking regulation.
His speech, to bankers and business leaders, will mark the start of two days in which the ruling party will detail plans to change the regulatory system and disband the Financial Services Authority (FSA).
The coalition is calling on the FSA to cede power to the Bank of England by 2012 – creating some fears over how effectively the FSA can police the City in its final days.
Business secretary Vince Cable is also due to release a green paper on financing businesses. Coalition suggestions are likely to include extending government loan guarantees and setting up regional stock exchanges.
Further discussion documents will also be issued on changes to tax issues – covering everything from foreign companies to holiday lets.