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| Version 0 | Version 1 |
|---|---|
| Bank regulation reforms proposed | Bank regulation reforms proposed |
| (10 minutes later) | |
| UK banks will face tougher regulation and consumers will get more protection, under reforms to the financial system proposed by the chancellor. | |
| Alistair Darling said the Financial Services Authority (FSA) would have tougher powers to deal with risk-taking in banks and penalise misconduct. | |
| The current scheme to compensate savers would be improved, he added. | |
| Shadow chancellor George Osborne said the reforms were "a totally inadequate response" to the financial crisis. | Shadow chancellor George Osborne said the reforms were "a totally inadequate response" to the financial crisis. |
| Mr Osborne also called for more powers for the Bank of England. | Mr Osborne also called for more powers for the Bank of England. |
| Mr Darling said the financial system needs to ensure robust regulation, and banks and financial institutions should be better managed. | Mr Darling said the financial system needs to ensure robust regulation, and banks and financial institutions should be better managed. |
| Some of the key proposals included: | Some of the key proposals included: |
| • More help for consumers - a national money advice line funded by the banks and a strengthened deposit protection scheme | • More help for consumers - a national money advice line funded by the banks and a strengthened deposit protection scheme |
| • Greater competition - with the FSA and Office for Fair Trading ensuring that new players can enter the banking market | • Greater competition - with the FSA and Office for Fair Trading ensuring that new players can enter the banking market |
| • Executive pay - the FSA to report yearly on whether banks have met the new code of conduct on remuneration, and bank boards to be strengthened | • Executive pay - the FSA to report yearly on whether banks have met the new code of conduct on remuneration, and bank boards to be strengthened |
| • Tougher banking regulation - banks required to hold more capital and more powers for regulators to take over failing banks | • Tougher banking regulation - banks required to hold more capital and more powers for regulators to take over failing banks |
| • A new Council for Financial Stability - made up of the FSA, the Bank of England and the Treasury to meet regularly and report on the systemic risks to financial stability. | • A new Council for Financial Stability - made up of the FSA, the Bank of England and the Treasury to meet regularly and report on the systemic risks to financial stability. |