It's not about the name, it's about the approach, says industry body

Biba has expressed relief at the new government’s reprieve for the FSA.

According to the coalition agreement, the Bank of England will take over responsibility for macro-prudential regulation and oversight of other regulatory matters. The agreement effectively kills a Conservative plan to scrap the FSA, which had been criticised by the Liberal Democrats.

Head of compliance and training at Biba, Steve White, said: “The fundamental question is not what it [the FSA] is called, it’s the style of supervision.”