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UK: Banking Reform Bill gets final legislative push

 |  December 17, 2013

The UK’s House of Lords has given the proposed Banking Reform Bill its last legislative push for sweeping changes to the lending industry in efforts to boost competition.

Financial Secretary to the Treasury Sajid Javid said he was “delighted” that the bill earned approval and that the reforms will “help to deliver much needed competition” to the banking industry.

Much of the legislation is a reaction to the widespread LIBOR scandal that swept the globe in recent months. Reports say the bill includes measures that allow members of the financial industry to be charged with misconduct and establishes new banking standards in efforts to prevent another such scandal.

The bill is now ready to become law.

Full Content: Business Spectator

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