New British banking regulations published

27 January 2012

New laws designed to overhaul the UK's system of financial regulation have been unveiled by the government today (27 January).

Financial secretary to the Treasury Mark Hoban has presented fresh regulations specially created to "fundamentally transform and strengthen" the system in the aftermath of the global economic downturn.

Mr Hoban is hopeful these rules will eliminate the uncertainties and inadequacies in the regulatory regime in order to lessen the risk of any repeat of the issues that contributed to the worldwide recession.

For instance, the policies include the establishment of the Financial Conduct Authority to replace the Financial Services Authority, the creation of new crisis management protocol and handing more responsibility of the Bank of England.

The official - who is also MP for Fareham and Westminster - commented: "This government has taken the necessary action to tackle the difficult and dangerous legacy left behind by the financial crisis, including a tripartite structure not fit for purpose."

By Claire Archer

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