Chancellor of the Exchequer George Osborne said he will abolish the Financial Services Authority (FSA) and give most of its power to the Bank of England, undoing the regulatory system set up by Gordon Brown in 1997. In the most sweeping changes to financial regulation since then, the watchdog will be wound down and replaced by three bodies over the next two years, the chancellor said.
UK scraps FSA, reversing system set up by Brown
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