Financial supervision suffered for its lack of clarity in the lead up to the crisis, said Sally Scutt, deputy chief executive of the British Bankers' Association (BBA), at the European Banking Regulation Roundtable on Wednesday.
Referring to the UK's tripartite of the Bank of England, the Financial Services Authority (FSA) and the Treasury, she said: "Somebody has to act at some point but it's not clear who will - who will have the appetite and the legal wherewithal to take away the punchbowl fr
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