BC-EU--Britain-Financial Regulation,0112

UK bankers, markets welcome regulatory changes

LONDON (AP) -- Britain's financial sector has welcomed the new government's plans for a sweeping reorganization of regulation.

The government gave further details Thursday on plans to hand more regulatory power to the Bank of England, which would absorb the Financial Services Authority which is now responsible for regulating banks.

Xavier Rolet, chief executive of London Stock Exchange Group, said the plans announced by Treasury chief George Osborne were a "strong decision" which responded to the financial industry's need for leadership and certainty.

Angela Knight, chief executive of the British Bankers Association, also welcomed the new structure and pledged that banks would work with government to implement the changes swiftly.