Sunday, 22 December 2013

Banking Reform Act

Everyone has felt the impact of the financial crisis, and this Banking Reform Act is a crucial step to ensuring that the British public are not again put in a position where banks that have acted irresponsibly have to be bailed out by the British public.

For years Labour allowed the banks to run riot. On their watch, banks were allowed to act recklessly and risk the financial wellbeing of our entire country. Liberal Democrats in Government are cleaning up Labour’s mess and the Banking Reform Act is a key part of that.

The Act implements the recommendations of the Independent Commission on Banking, set up by the government in 2010 to consider structural reform of the banking sector, as well as key recommendations of the Parliamentary Commission on Banking Standards, which was asked by the government to urgently review professional standards and culture in the banking industry, following revelations of attempted LIBOR manipulation last year.