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Financial stability and and depositor protection in England (after Northern Rock)

The English Chancellor of the Exchequer has issued a consultation paper Financial stability and depositor protection: strengthening the framework (pdf) outlining proposals to strengthen the current framework for financial stability and depositor framework in the England. This is a joint publication by HM Treasury, the Financial Services Authority and the Bank of England.

The paper reviews the existing supervisory regime, including complex areas such as the legal framework for dealing with banks facing difficulties.

This consultation document takes account of the The House of Commons Treasury Select Committee report, ?The run on the Rock?

The paper focusses on proposals for:

• Strengthening the financial system
• Reducing the likelihood of banks failing
• Reducing the impact of failing banks
• Effective compensation arrangements in which consumers have confidence
• Strengthening the Bank of England and improving coordination between authorities

Full post as published by Australian Regulatory Compliance Review on February 07, 2008 (boomark / email).