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"What we are proposing is a new system of regulation that learns the lessons of the greatest banking crisis in our lifetime... I can confirm that the government will abolish the tripartite regime, and the Financial Services Authority will cease to exist in its current form."

George Osborne, 16 June 2010.

With these words George Osborne, Britain's new chancellor of the exchequer, called time on the United Kingdom's great experiment in establishing a single regulatory agency for its entire financi