MPs urge reform of UK financial regulation

A report on the run on Northern Rock has said that the episode was damaging to the regulators in charge of financial services, as well as the UK financial services industry as a whole.

The Treasury Select Committee of MPs in the UK Parliament has advised reform of the country's tripartite system of financial regulation following its investigation into the crisis. The tripartite system divides responsibility for regulation between the Bank of England, the Treasury and the Financial Services

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