Mark Gerard Hoban MP - Financial Secretary to the UK Treasury
Regulators in the UK have received further information on how reforms to the banking industry will affect their ability to deal with the failure of financiers.
The government yesterday (1 August) published proposals in order to help such bodies handle the collapse of organizations other than banks in this arena.
This follows on from the report put forward by the Independent Commission on Banking earlier this year, in which it was proposed that it be made compulsory for companies to ring fence their retail business and investment operations.
However, the administration is determined to make sure changes are made in other areas of the financial market and, as such, has released guidelines on investment firms, insurance companies, payments systems and central counterparties.
Mark Hoban, financial secretary to the Treasury, said this process will complement the ongoing reforms to the banking sector, adding: "This consultation underlines the government's commitment to maintaining the UK's position as a pre-eminent global financial centre."
By Asim Shah