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come with me for a spin round the square mile to find out how we regulate our financial sector which is almost five times bigger than the country's entire annual income first let's pick up our guide the journalist Ian Martin who's just written a book on what went so wrong during the financial crisis the FSA was an agency which was established to supervise the banks on a day-to-day basis the Bank of England was supposed to have overall responsibility for the stability of the financial system and the Treasury was supposed to take an interest in all of these things the disaster was that it wasn't really anyone's core responsibility or main day job to stay alert to whether or not the banking system as a whole was being run in a safe manner and so this April a new system was set up to place the city most of the responsibility lies here with the Bank of England and its new Prudential Regulation Authority which makes sure the banking system doesn't go too wonky overall and the Financial Servi

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