Chancellor of the Exchequer Alistair Darling will announce his plan to reshape the banking industry and regulation of the financial services industry next month after reviewing a report on the matter released today.
“There is an urgent need to reshape financial regulation in Britain and across the world,” a Treasury spokesman said in an e-mailed statement today after Financial Services Authority Chairman Adair Turner suggested a “revolution” in the rules.
His report “will play an important part in informing the government’s white paper on reform of the financial regulatory and supervisory system, which will be published around the time of the budget.” Darling presents his annual budget to Parliament on April 22.
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