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Tripartite turf wars to carry on until elections: FSA.
Byline: David Pawsey
Responsibility for macro-prudential regulation will not be decided until an election has been held, according to the FSA.
During the British Bankers' Association international annual conference Angela Knight, chief executive of the BBA, called for a swift conclusion to the Tripartite authorities "infighting."
She said: "It is essential to have certainty about the base on which the regulatory framework is built."
However Lord Turner of Ecchinswell, chairman of the FSA, said this was unlikely to happen until an election had "been put behind us."
Referring to reports as "the latest twist in the FSA, Bank, Treasury, Adair, Mervyn, Alistair soap opera", Lord Turner said: "I read accounts of this soap with considerable interest but with little recognition and I also read of concerns that a focus on future arrangements might distract us from the substance of what we need to do now to fix the system.
"So, let me assure you, the vast majority of all our efforts is focused - and will continue to be focused - on the actions we need to take now and the changes in regulation we need to make for the future.
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Source: HighBeam Research, Tripartite turf wars to carry on until elections: FSA.