Tories should not axe FSA - Xavier Rolet.

Money Marketing cites a speech by the chief executive of the London Stock Exchange,
Xavier Rolet, that the Conservatives should not axe the UK regulator Financial Services Authority (FSA). Speaking at a fringe meeting of the Tory conference in Manchester, Rolet said the regulatory system in Britain had to be similar to that in Europe and in the United States otherwise it would make joint action on financial crises harder. The power of the FSA should not be fragmented over many different entities.
The Tories have said that they will scrap the FSA if they win next year's general election. The regulatory body has been given a bad press over its efforts to regulate the financial industry ranging from one person IFAs to major banks. The FSA's role in a tripartite system involving the Bank of England and the Treasury has been questioned. The Tories want a bigger regulatory role for the central bank.
Personally, I would try and reform the banks first and make them easier to regulate.