An innovative way to discover the story of Palestine
#FreeAJStaff: Journalists on trial in Egypt
17 Dec 2013 01:43 GMT | Business & Economy, Europe, United Kingdom
British banks will be forced to separate retail and investment operations in a bid to stop rogue - or systemic - speculation on international finance markets from putting ordinary people's savings at risk.
Bank bosses are also to be made criminally liable if their institution fails, according to a new raft of finance industry reforms approved by lawmakers on Monday.
The sweeping changes are aimed at tackling the structural and cultural failings which led to the near-collapse of the country's financial sector.
"This is a major milestone and marks the end of a three-year process, led by the government, to make the UK banking system stronger and safer so that it can support the economy, help businesses and serve consumers," said Sajid Javid, the minister in charge of the bill.
Javid said the new laws would help improve bankers' standards of conduct, generate extra competition in the industry and prevent British taxpayers from footing the bill for any future bank failures.
The bill also introduces new rules to make sure bankers' bonuses are paid over a longer term, to stamp out excessive risk-taking.
The reforms, dubbed "a new era of banking industry oversight", are the result of a lengthy legislative process started after the 2007/8 financial crisis and a series of mis-selling and rate-fixing scandals which shone a light on illegal and unethical behaviour at some of Britain's biggest banks.
"We have had this crisis. The horse has bolted, what we have got to do now is devise a stable door that can keep the next horse in," said Andrew Tyrie, chairman of the Parliamentary Commission on Banking Standards, speaking in parliament last week.
The package is expected to receive a rubber stamp approval from Queen Elizabeth II and become law later this week.
British PM orders probe, as authorities explore the possibility of criminal proceedings against members of Barclays.
Business & Economy, Europe, United Kingdom
Konoklota Women Urban Cooperative Bank in India's Assam state helps women become financially secure and empowers them.
Business & Economy, Bangladesh, Bhutan, China, India
Content on this website is for general information purposes only. Your comments
are provided by your own free will and you take sole responsibility for any direct
or indirect liability. You hereby provide us with an irrevocable, unlimited, and
global license for no consideration to use, reuse, delete or publish comments, in
accordance with Community Rules & Guidelines and Terms and Conditions.
Pakistani researcher takes an innovative - and dangerous - approach to change the controversial blasphemy law.
Religion, Pakistan, Asia
Incarceration rates have surged with critics saying prisons are failing to rehabilitate and reintegrate offenders.
Crime, Women, Racism
Residents of Kunduz province concerned after black-masked fighters take control of their villages.
War & Conflict, Afghanistan, Taliban
One of the world's oldest spiritual belief systems has attracted new followers since the fall of the Soviet Union.
Religion, History, Russia
Executions of eight out of nine convicts carried out despite plea by Australia to investigate judicial corruption.
Human Rights, Australia, Asia Pacific, Drugs
Military says it has rescued 200 girls and 93 women during operations to wrest back control of the Sambisa Forest.
Politics, Africa, Nigeria, Boko Haram
Kite-balloons and spectrometers - how community activists use DIY technology to investigate environmental polluters.
Environment, Science & Technology, US & Canada
The story of a young Chinese woman who sells her time online to earn money by helping strangers with their errands.
Business & Economy, Human Rights, China
Fault Lines investigates how the US helped create the world's newest nation, and then watched it spiral into civil war.
War & Conflict, Politics, South Sudan
An examination of the deep wound that remains at the heart of Turkish-Armenian relations.
War & Conflict, Politics, US & Canada