The proposals build on a consultation document published in January and will now be the subject of a further period of consultation, prior to the introduction of legislation in the autumn.
The proposals published by the Treasury, the FSA and the Bank of England. They focus on five key objectives:
- strengthening the stability and resilience of the financial system - in the UK and internationally;
- reducing the likelihood of individual banks facing difficulties - including regulatory interventions and liquidity assistance;
- reducing the impact if a bank gets into difficulties;
- providing effective compensation arrangements in which consumers have confidence; and
- strengthening the Bank of England, and ensuring effective coordinated actions by authorities, both in the UK and internationally.
The proposals build on a consultation document published in January and will now be the subject of a further period of consultation, prior to the introduction of legislation in the autumn.
Later this year the FSA intends to consult on the supervisory aspects of the new banking resolution regime and for changes to depositor compensation, FSA Chair McCarthy said.
Deadline for responses is 15 September 2008.
Press release
Consultation
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