It's all change for Britain's financial regulatory regime;  by 2013, the FSA will have disappeared and two new organisations will be there in its place.

Everyone agrees the 2008/09 banking crisis showed up the weakness of Britain's financial regulators, but the chosen solution has been more controversial. 

The government is giving more power back to the Bank of England, which will be given control of a new Prudential Regulatory Authority, watching over our banks, building societies and other financial institutions.   The Bank will also have a new Financial Policy Committee which will try to ensure our financial system doesn't collapse again. 

Other parts of the FSA's workload, including its role in consumer protection, will go to a new Financial Conduct Authority.

These new bodies will not be operational until 2013, however.  In the meantime, and despite the axe hovering over its head, the FSA tries to continue with business as usual.

The Consumer Finance Education Body has changed its name to Money Advice Service, Tel: 0300 500 5000, website www.moneyadviceservice.org.uk