The Bank of England is to have ultimate control over financial supervision in Britain, in the biggest shake-up of regulations there in 13 years.
Chancellor George Osborne told the City of London on Wednesday he would abolish the current system of financial regulation.
Mr Osborne said a new financial policy committee will have the power to tackle credit binges, and a new independent banking committee will look at whether retail and investment banking needed to be split.
The Financial Services Authority, which has been heavily criticised for its handling of the financial crisis, will also be split.
Further details will be given to parliament on Thursday
Mr Osborne says he's proposing a new system of regulation that "learns the lesson of the greatest banking crisis since the 1930s.
