UK may impose tough new banking regulations


MENAFN - 20/11/2009

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(MENAFN) UK's Treasury Chief, Alistair Darling, introduced a draft legislation to Parliament, proposing tougher new banking laws that would provide the country's main financial watchdog with the power to retrieve bonuses that violate internationally agreed rules, AP reported.

The draft legislation also seeks to widen the remit of the Financial Services Authority to an explicit task of ensuring financial stability, allowing the regulator to collect data from any company that is considered to be systematically important, including foreign companies and non-regulated hedge funds.

Darling said that the sweeping Financial Services Bill brings in a very key aspect to the government's reform agenda. It seeks to empower consumers and make sure that taxpayers will not be called on to protect banks from the consequences of their actions.

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