Italy plans new financial regulator

Italian finance minister Giulio Tremonti has said he wants a new financial regulator which will have authority over whole spectrum of financial services to reduce risks of another Parmalat-type scandal.

Italy would emerge with a regulator similar to that of the UK's Financial Services Authority under the new plans absorbing the powers of Consob, the main securities and markets regulator, and reducing the role of the Bank of Italy in supervising Italy's banking system.

"We have one financial ma