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The Chancellor of the Exchequer launched a consultation outlining proposals to strengthen the current framework for financial stability and depositor framework.
Following the recent period of turbulence and instability in global financial markets, the consultation document sets out the Authorities' proposed action, both in the UK and internationally, to achieve five key objectives:
- strengthening the stability of the financial system, both in the
- reducing the likelihood of banks facing difficulties;
- reducing the impact if, nevertheless, 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
The Treasury Select Committee's report published on 26 January has informed the consultation document published today and I am grateful for its positive contribution."
Comments on the proposals and impact assessment are welcome by
Financial stability and depositor protection: strengthening the framework