FSA Abolished

It was announced earlier this week that the Financial Services Authority is to be abolished and that it will disappear by 2012. I would suggest that this came as somewhat of a surprise, as George Osbourne had pledged to spend time listening before deciding and it was clear that the Lib-Dems were less keen on closing down the FSA. From a consumer protection perspective, in its place will be a Consumer Protection and Markets Authority, which will be responsible for policing the actions of financial services companies. The precise remit and objectives of the new authority will no doubt become clearer over time.