In a speech at the Lord Mayor’s Dinner on 16 June 2010 (the “Mansion House Speech”),1 George Osborne, the new Chancellor appointed by the Conservative-led coalition government, unveiled far-reaching changes to the regulatory architecture of the UK financial system. The key feature of the announcement is the dismantling of the Financial Services Authority (“FSA”) and the transfer of its current functions (UK macro-prudential regulation, consumer protection and law enforcement) to newly created regulatory bodies and to the Bank of England (“BOE”) in the case of macro-prudential regulation. It is intended that the new regulatory structure will be in place by the end of 2012.