Lord Turner will tell Parliament today regulators such as the FSA should force new, higher, capital and liquidity ratios on the world's largest banks.
The FSA chairman will urge MPs to impose tighter controls on Britain's biggest financial institutions, the Guardian reports.
Lord Adair Turner is giving evidence to the Treasury select committee from 9.30am as part of its "Financial institutions - too important to fail?" inquiry.
Turner, who last year dismissed the City as "socially useless", will tell the committee how the banking sector should be shaken up to avoid a repeat of the economic crisis. Read more...
THE POUND was under renewed pressure this morning as investors' anxiety about the chance of a hung parliament dominated foreign-exchange markets, the Telegraph reports.
Sterling was down more than a cent against the dollar at $1.4868, its lowest level since May last year, as it also weakened against the euro. Monday saw it dive as much as 4 cents at one point.
The pound has found itself in the eye of a storm over the past week as a combination of fears rattle investors. A fragile economic recovery coupled with the prospect of a hung parliament is raising concern of a delay in tackling Britain's record budget deficit.
Bets on the pound falling further had already doubled since the start of the year, with speculators building up 62,884 net short positions, before a YouGov poll over the weekend caused fresh jitters.
The poll showed the Conservative lead over Labour narrowed to just two points, making the prospect of a hung parliament very real. Read more...
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