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65/09

08 July 2009

Government plans for the reform of financial markets

The Chancellor of the Exchequer Alistair Darling has today published 'Reforming Financial Markets', a document setting out the Government’s proposals for the reform of the financial system.

The proposals focus on significant reform of the way banks are regulated, with more emphasis put on the risks financial firms can present to the economy and greater protections for consumers.  They include:

Alistair Darling said:

"Our economy has a clear need for well managed, well functioning banks and financial institutions - to perform a vital set of functions - channelling investment and helping people save and plan for the future. But regulators and governments too must learn from the events of the last two years - better understanding the risks that come from rapid globalisation in the financial system

“Our central objective must be to ensure that - as we come through the downturn - we reform and strengthen our financial system and rebuild it for the future. With consumers that are better informed, financial institutions that are better managed, and markets that are better regulated.”

Notes for Editors

1. View the full report 'Reforming financial markets'.

 

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