Bank powers increase amid overhaul

The Bank of England is to become one of the most powerful central banks in the world, when the biggest overhaul of financial regulation since 1997 takes place.

As part of sweeping changes that will undo the system set up by former Chancellor Gordon Brown, the Financial Services Authority (FSA) will be replaced with three new bodies - the Financial Policy Committee (FPC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).%VIRTUAL-SkimlinksPromo%