The Treasury Select Committee has published its final report following its evidence sessions on banking regulation and supervision. In this report it says responsibility for systemic oversight must be clearer. It does not think the tripartite framework needs substantial change, but there must be clearer formal responsibilities for financial stability. Then it will be possible to look at macro-prudential responsibilities. The Committee criticised the Government for not consulting BoE on the content of its White Paper. It noted FSA’s efforts to address the problems in its supervision of the banking sector. It also focused on systemically important banks, saying there should be none that is “too big to save" and must not be incentivised to be “too big to fail”. Finally, it says FSA should not rule out banning proprietary trading by deposit taking by banks because banks must not feel they can take risky bets on such trading in the belief Government guarantees will help them.