Publication

Ever since the Northern Rock Bank failed in September 2007, the UK financial regulatory authorities have looked at how they operate and whether changes were needed to the existing system. The deepening crisis in 2008 and 2009 expanded the breadth of this review both in the UK and across the world. It is to be expected that firm proposals for new legislation will be forthcoming this year, following a consultation exercise and the publication of an independent Commission's Report headed by Sir John Vickers. This note sets out some of the background and sets out the broad outlines of the government proposals.