The Bank of England will become one of the most powerful central banks in the world on Monday after the biggest overhaul of financial regulation since 1997. As part of sweeping changes that will undo the system set up by former chancellor Gordon Brown, the Financial Services Authority (FSA) has been replaced with three new bodies – the Financial Policy Committee (FPC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Slammed for being "asleep at the wheel" during the financial crisis, the so-called tripartite structure – comprising the FSA, the Treasury and the Bank of England – ... (full story)