HM Treasury

Financial services

Reforming financial markets

On 8 July 2009, the Government published ‘Reforming financial markets’, setting out our analysis of:

The Government has led efforts, at home and abroad, to respond to the immediate challenges of the financial crisis by restoring stability, and reforming banking regulation. Actions to reform banking regulation have already been taken by the Government including: the Banking Act 2009; Turner Review of financial regulation; and Walker Review of Corporate Governance of UK Banking Industry. As set out in this paper there are a number of core issues to which the Government's strategy for regulatory reform must respond:

Further, Governments around the world have acted decisively to support their financial systems. This has been necessary to protect depositors , ensure that banks lend to the economy and restore financial stability. However, the Government remains firmly committed to ensuring that the UK financial services market remains competitive and fair for consumers, who, faced by the events of the global financial crisis, need additional support and protection. The paper brings forward proposals to support consumers and bolster competition.

The document is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

Reforming financial markets (PDF file 2.08MB)

Reforming financial markets: Impact Assessment (PDF 1.14MB)

Comments on this paper were requested by 30 September 2009. The Government received over 100 public responses. A consultation summary has also been published.

In developing its approach, the Government has considered all the responses to the consultation including, where relevant, proposals for the Financial Services Bill, introduced into Parliament on 19 November 2009.

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