Financial regulator rejects Tory call for probe

UK - The City regulator has rejected Conservative calls for an investigation of the government's role in the collapse of Railtrack, and told MPs if impropriety were proven it would be up to the government to prosecute itself.

Sir Howard Davies, chairman of the Financial Services Authority, on Tuesday told the cross-party Treasury select committee that he had no mandate to comment on the government's behaviour.

However, the FSA has written to the rail operator to ask for details of what it knew

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