The Treasury Select Committee put the boot into the Government's white paper on financial regulation, and called it "toothless" and "muddled" as it has failed to address the key weaknesses in Brown's failed and derided tripartite system.
As ever, the fundamental weakness of the tripartite system is that there is no one actually in charge of it.
The Treasury's "solution" is to create a fourth body to oversee the the tripartite (named the "Council for Financial Stability")
An absurd idea which would only add to the muddle, confusion and buck passing.
However, all of this is but fanciful dreams akin to rearranging the lifeboats on the Titanic, the Tory Party will abolish the FSA once it is elected and the responsibility for supervision will be returned to the Bank of England.