UK lawmakers launch inquiry into regulatory revamp

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The UK parliament's Treasury Select Committee on Monday launched an inquiry into proposals unveiled earlier in the day, articulating the new regulatory structure that is set to replace the tripartite system.

"The government's plans amount to a wholesale restructuring of the financial regulatory architecture," Andrew Tyrie, the chairman of the committee, said. "This makes it crucial that the government's proposals are subject to rigorous scrutiny," Tyrie added.

The Treasury Select Committee is an

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