Soon UK's Central Bank would be transformed and it would be the owner of numerous powers which could overhaul the country's regulatory regimen.

But, MPs wants this change to be based on clear accountability, where even tiniest information and alteration news should reach to the doors of Parliament. There are many other changes, which MPS expect like the Court of the Bank of England should play supervisor's role and at the time of financial crunch, Financial Minister should be given riddles of the bank to put situation under control.

The Treasury Committee's President Andrew Tyrie affirmed, "The Bank of England will play an even more vital role in preventing future crises, yet aspects of its governance appear antiquated".

Though UK has not been under the shackles of financial crunch, Tyrie was of the view that the country should always remain prepared for the worst. So, it is important that plans should be ready with the government to keep its country out of danger.

Without a doubt, every country tries to safeguard its finances, so it is very important to know the scheme of the banks, and it is equally important for the parliament to know the name of the head, who would handle the responsibility at the time of crisis.

This has raised issues among Treasury Committee and they do not feel that the Bank of England is capable of handling new responsibilities and power. When asked about the reason, the committee was of the view that they lack at accountability grounds.

Chancellor George Osborne does not have any doubt that BOE would be able to handle new responsibilities and would act as protective wall at the time of emergency. And, it has also been said that allocation of power responsibility would be given by parliament and not be any committee.