Tuesday June 30, 04:23 PM
BoE and FSA to both get new powers-UK Tsy's Myners
LONDON, June 30 (Reuters) - Both the Bank of England and the Financial Services Authority will get new powers to help prevent future crises, Treasury minister Paul Myners said on Tuesday.
And he said the government would publish its paper setting out its thinking on the future of financial regulation next week.
Finance minister Alistair Darling has said Britain's tripartite system where regulatory responsibility is shared between the Treasury, BoE and FSA will be kept in place.
But with more powers up for grabs, a turf war appears to have opened up between the FSA and the central bank with BoE Governor Mervyn King making waves this month by saying he had not been consulted on the government's reforms and that he should not be blamed if anything goes wrong.
'There is no simple solution; no obvious answer. That is why we need to have an open and honest debate about the shortcomings of the past and the new challenges we face,' Myners said.
'Given the significance of the changes in global financial markets we will need to look at giving both the FSA and the Bank of England additional responsibilities and powers.' Keywords: BRITAIN REGULATION/MYNERS
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