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108/09

19 November 2009

Government introduces Financial Services Bill

The Government has today introduced the Financial Services Bill to Parliament.  The Bill delivers significant reforms that will provide greater rights and information for consumers, in addition to stronger financial regulation to make banks safer and more robust in the future.

Chancellor of the Exchequer Alistair Darling said:

“From the outset of the global financial crisis two years ago, the Government has taken decisive, innovative steps to protect the savings of British families and stabilise the economy.

“Along with governments around the world, we have learned important lessons about the weaknesses of global banking.  In the past too many banks failed to fully understand the risks they took.  When the crisis hit, far too many firms found themselves short of capital and without any plan for managing through turbulent times.

“The Bill we are introducing today is central to the Government’s reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions.”

The Bill includes:

Notes for Editors

Key features of the Bill

Stronger financial regulation and corporate governance

Greater protection and support for consumers

The Financial Services Bill will enact proposals set out in the ‘Reforming Financial Markets’ paper published by the Government in July. The following documents have also been published today alongside the Bill:

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