Banking Reform Act Becomes Law

The biggest reforms to the UK banking sector in a generation become law

Published on 18 December 2013

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by Sajid Javid MP


London, England

London City Skyline
London City Skyline

The government’s Banking Reform Bill has received Royal Assent, now becoming an Act of Parliament.

The Banking Reform Act is a key part of the government’s plan to create a banking system that supports the economy, consumers and small businesses.

View our interactive timeline explaining the progress made on creating safer and stronger banks that serve consumers and the economy

It implements the recommendations of the Independent Commission on Banking, set up by the government in 2010 to consider structural reform of the banking sector.

It also implements key recommendations of the Parliamentary Commission on Banking Standards, which was asked by the government to urgently review professional standards and culture in the banking industry following revelations of attempted LIBOR manipulation last year.

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Posted 2013-12-18 15:49:00