Sants hopes the legacy of the UK's FSA will survive

The UK Financial Services Authority, which effectively will cease to exist in 2012, hopes its legacy will survive for its replacements. FSA CEO Hector Sants said he hopes the "tough" legacy of the regulator will be taken over by the Bank of England and the other replacement agencies. The Prudential Regulation Authority -- to be part of the Bank of England -- will set the size of firms' capital and liquidity buffers, the Financial Stability Committee will have tools to head off threats such as asset-price bubbles, and the Consumer Protection and Markets Authority will ensure financial firms treat customers fairly.

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