Cheating and deceiving is still going on after all these promises
of  our PM and the Chancellor, who "wants to maintain the
current tripartite regulatory system."

.........

Banking reform 'largely cosmetic'

The government's plans for reforming the regulation
of banks are "largely cosmetic" and "lack clarity", MPs say.

Banking reform 'largely cosmetic'

The Chancellor wants to maintain the current tripartite regulatory system
The government's plans for reforming the regulation of banks are "largely 
cosmetic" and "lack clarity", MPs in the Treasury Select Committee say.
In its report on the banking crisis, the committee says that responsibility 
for strategic decisions and action remains "a muddle".
The report also says that the Financial Services Authority (FSA) "failed 
spectacularly" in supervising banks.
The FSA said it has "changed radically" since an internal review in 2008.
The government has outlined plans to reform banking regulation.
Earlier this month, Chancellor Alistair Darling said banks will face tougher 
regulation and consumers will get more protection.

The reforms are specifically designed to try to prevent the current 
financial crisis happening again.
But the plans have been criticised for not going far enough.

Where responsibility lies for strategic decisions and executive action was, 
and remains, a muddle

Treasury Select Committee
For example, the current tripartite system, where the Bank of England, the 
Treasury and the FSA oversee the financial system, would remain intact.

The Tories want to abolish the system and hand more power to the Bank of 
England.
[...]

http://news.bbc.co.uk/1/hi/business/8177479.stm