Leaked Queen's Speech hints at fresh FSA uncertainty

Tomorrow's Queen's Speech will see financial regulation put back in the hands of the Bank of England, leaked documents reveal.

According to papers obtained by the Sunday Telegraph and Sunday Mirror, the Financial Services Regulation Bill will likely enact various reforms planned by George Osborne, the Chancellor, including removing some of the FSA's current powers. The future of the City regulator had appeared secure when the coalition government's manifesto suggested the Bank would be granted control of macro-prudential regulation but would only "oversee" micro-prudential governance, suggesting the FSA would continue with its existing supervisory powers. But last week Osborne refused to confirm Tory plans to...