Since 2010 the government has:
legislated for the ring-fencing of large banks’ retail arms from their investment banking arms;
ensured that the senior managers of banks are held accountable for their decisions; and
put the Bank of England back in charge of bank prudential regulation.
The IMF noted in its recent Article IV concluding statement that “owing to a large extent to a wave of welcome regulatory reforms since the crisis, the main parts of the UK financial system appear resilient”.
The Government agrees with the IMF’s assessment.