Alistair Darling unveils-plan

Alistair Darling, will reveal next-week his plans to improve banking regulations that will give the Financial Services Authority more power.

He plans to introduce new legislation that will allow the FSA to step in and seize customer deposits if it detects that a bank is getting into trouble.

FSA’s new powers
  • Step in if, a request by a troubled bank to the Bank of England for loans.
  • Seize and protect cash deposits and repay them to customers.
  • Gain access to information it needs to assess a troubled bank.
Via Times-Online

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