New banking regime consultation expected

The annual Queen’s Speech also confirmed the publication of the Pensions Bill, which will include details of Personal Accounts proposals. Reform of the UK banking system has been widely expected since Northern Rock almost collapsed in September and the Treasury is known to have begun discussing new regulations in October. During the opening of Parliament, the Queen said: "Legislation will be brought forward to protect depositors and ensure confidence in the banking system." Full details of the new regulatory regime are unclear but a formal consultation paper is expected in early 2008....