The Treasury has put out its consultation paper covering its big plan for restructuring financial regulation in the UK.
Has heavily trailed the Bank of England wins most of the spoils creating a vast superstructure of regulation that is intended to be the all-seeing and all-knowing guardian of our financial system.
At the heart of the proposals is a question about what to do with the Financial Reporting Council - the body that supervises public company audit, UK accounting standards, the disciplining of errant accountants, corporate governance and financial reporting.
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