Britain has announced the biggest shake-up of its regulatory landscape in 13 years, with the Bank of England to get responsibility for financial supervision.

The current tripartite regime where oversight is shared will be abolished.

The UK government will create a new financial policy committee within the BoE, which will be chaired by the governor, Mervyn King.

Supervision of individual banks would be carried out by the prudential regulatory authority, a legally separate but subsidiary part of the bank that will replace the Financial Services Authority in 2012. – (Reuters)