Pittman: Regulation system is 'flawed'

SIR Brian Pittman, the new chairman of Virgin Money, has criticised the tripartite system of regulation in the UK and has called for the Bank of England to be given sole oversight of banks – a key Conservative policy in the run-up to a general election.

The former chairman of Lloyds TSB said that although bankers were the main culprits of the financial crisis, it was made worse by the system set up in 1997 which saw responsibility for regulation of the finance sector divided between by Bank of England, the Financial Services Authority and the Treasury.