Two Bank of England directors have been earmarked to take control of transferring banking supervision from the Financial Services Authority to the central bank if the Tories win the election.
The Independent reports Paul Tucker, a deputy governor of the Bank, and Andrew Bailey, executive director of special operations in the banking sector, are the two bankers who the Conservatives believe are best equipped to deal with the interim period ahead of the proposed break-up of FSA. Early talks have taken place between them and the Tory treasury team, led by the shadow Chancellor, George Osborne, but it has not yet been decided which of the two would take prime responsibility. Plans to dismantle the FSA, widely criticised for its "light-touch" regulation for not catching many of...
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