Financial Services Bill second reading in the Commons

01 December 2009

Chancellor of the Exchequer, Alistair Darling, introduced the Second Reading of the Financial Services Bill in the Commons.

The Bill includes:

  • new powers for consumers to collectively challenge banks in court in addition to a new consumer financial education body and a free nationwide money guidance service
  • a requirement for firms to develop ‘living wills’ to help them better understand the risks involved in their businesses and deal with periods of stress, and to ensure they can be wound down in future crises without excessive taxpayer support
  • rules on pay and bonuses that will ensure remuneration policies do not contribute to excessive risk taking
  • strengthening of the regulatory framework, including the creation of the Council for Financial Stability and enhanced powers for the Financial Services Authority

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