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UK Chancellor of the Exchequer George Osborne announced plans to abolish the Financial Services Authority which is the body that regulates the nation’s financial system. It will be wound down over the next two years and its powers will be replaced by three bodies with the Bank of England garnering much of the clout. Osborne said the current system “utterly failed” to identify the risks that compounded the financial crisis. GBP traders used the announcement as an excuse to dump the currency to a session low. Cable has fallen 50 pips since the news and is down 68 pips on the session to 1.4736.
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