Professor Philip Lane:

The level of understanding of what happens in the banks is reinforced by having both functions in the same institution. Our regulatory powers go beyond what one can legally insist on with regard to rectification and redress. The power of being a single regulator with the full range of regulatory powers gives us much leverage on banks. Splitting away conduct would greatly diminish that, which I think is experienced in other countries where the conduct regulator is split away and has less influence.