BBC - Peston's Picks: FSA to become Bank of England subsidiary

BBC - Peston's Picks: FSA to become Bank of England subsidiary

Let's start with the 740 BofE people who were moved over to the FSA and lost their gold plated pensions, who pays to reinstate them? Or will they carry on pretending to be 'independent' regulators in an independent regulatory environment? They can't fool us!

Unless the regulators are independent of government and therefore outside the influence of politicians and ministers I can't see any of this working any better than any previous version has since regulation as we know it was created in 1985 by the then government which was Conservative. Does that need some punctuation?

The Board of the FSA is appointed by HM Treasury, "What, all of them?", yes all of them. The BofE Board is also appointed by HM Treasury, yes all of them. The FOS Board is appointed by the FSA and approved by HM Treasury, same goes for the FSCS.

I agree with Robert Peston, it doesn't sound sustainable or even plausible.