Shadow chancellor George Osborne has laid out plans that will herald the end of the tripartite system of regulation if the Conservatives win the next general election.In an announcement yesterday (July 20th), Mr Osborne unveiled proposals to dissolve the Financial Services Authority (FSA) and cede greater autonomy and power to the Bank of England in regulating the financial sector.The consumer protection responsibilities currently shared by the FSA and the Office for Fair Trading will come under the remit of a new body that will champion fairness in the financial system."If we can bring stability to our banking system, and reward long-term returns over short-term bonus chasing, then we will have put in place a key foundation stone of an economic recovery," Mr Osborne enthused.Other key tenets of the Conservative's policy include a requirement that banks and other major financial institutions reduce their gearing ratio substantially, keeping much higher reserves as collateral against risky investments.