BGN Entrepreneur

Long-awaited reforms for cleaning up the banking system were met largely with derision in the Commons yesterday. Despite Alistair Darling blaming ‘kamikaze’ bankers for bringing the financial system to its knees, tough new rules that would help prevent a repeat of the crisis failed to emerge.
The counsellor plans to give additional power to the Financial Services Authority and banks will be required to build up better capital reverses, but the present oversight system between the Bank of England, the Financial Services Authority and the Treasury. They’ll still be responsible for examining emerging risks to the economy but will now report regularly to a new Council for Financial Stability.

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