Out-Law News

Government publishes details of financial regulation reform


SNIPPET: The Government launched its consultation on implementing reforms to financial regulation yesterday.

The Government has made no secret of the fact that it wants to reform the way that financial services firms are held to account, and it has now said that it wants to focus as much on prevention of catastrophe as well as on plans for when things go wrong.

It will give the Bank of England increased regulatory powers, but first the Government wants the views of banks, building societies, insurance companies and others on its detailed plans.

The consultation is open until 18th October.

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