Current tripartite system of financial supervision in UK should be overhauled

Just over half of those who took part in the poll - 55 per cent - on the SII website, were in favour of the Bank of England solely taking responsibility for keeping the sector in check, as advocated by the Conservative party.

Thirty-four per cent felt the FSA, which the Conservatives say they would abolish, should take the lead role. At seven per cent, the level of support for the existing system was ahead only of the four per cent backing for HM Treasury to be put in charge.

Respondents to the survey were invited to leave comments. Those in support of the Bank of England included "it's closer to the workface and therefore has a better feel for the markets" and "having a tripartite system slows decision making down as there are more parties to disagree".

Alternative viewpoints included "I find it bizarre that David Cameron and others think the Bank of England should be in charge - this lot failed to spot BCCI and a credit bubble", "all financial service regulation must under the FSA" and "both the FSA and Bank of England have proved incapable, so why not give the Treasury a chance?"

Chancellor Alistair Darling has underlined his commitment to the Bank of England, FSA and Treasury continuing to share supervisory responsibility.

To take part in the latest SII survey, visit www.sii.org.uk