Government launches financial regulation reform consultation

The government has launched a new consultation regarding implementing changes to current financial regulation that will help protect taxpayers.

Announced by financial secretary to the Treasury Mark Hoban, the move means that interested parties can voice their opinions on the creation of a new Consumer Protection and Markets Authority, which will regulate the conduct of businesses operating in the financial markets.

In addition, the administration is also seeking views on the formation of a new regulatory body that will oversee the stability of financial firms and be managed by the Bank of England.

"The coalition government is delivering on its commitment to reform the financial system, to avoid repeating the mistakes of the recent financial crisis and to ensure that taxpayers are protected," remarked Mr Hoban.

Commenting on the move, director general of the Finance and Leasing Association Stephen Sklaroff said that the body is looking forward to the publication of the completed document, which is due in the autumn.