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ARTICLE · 04 FEBRUARY 2014

Is Britain’s 'Broken Banking System' Finally On The Mend?

MacRoberts
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The Financial Services (Banking Reform) Act received Royal Assent on 18 December 2013 and plays a key part in the Government’s plan to create a banking system that helps to encourage growth in the economy, support consumers and increase lending to small businesses.

United KingdomFinance and Banking
Norman Martin
Norman Martin
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The Financial Services (Banking Reform) Act received Royal Assent on 18 December 2013 and plays a key part in the Government's plan to create a banking system that helps to encourage growth in the economy, support consumers and increase lending to small businesses.

Recommendations of both the Independent Commission on Banking and those of the Parliamentary Commission on Banking Standards have been implemented through this legislation. These bodies were established to consider a structural reform of the banking sector and to review professional standards within the industry.

Such reforms demonstrate the largest ever change in Britain's banking system, and are the result of almost three years of consultation on the future of the UK's financial sector. Key changes include:

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