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LATEST NEWS & EVENTS Govt unveils draft financial regulation bill  A major shake-up of regulations affecting banking and financial solicitor services has been unveiled by the government. The Treasury has published its draft bill on financial regulation, which is aimed at fixing the flaws in the system that contributed to the banking crisis. Included in the bill is a specific statutory objective governing the Prudential Regulation Authority's responsibilities for the insurance sector and an updated competition regime under the Financial Conduct Authority (FCA). The government also said it wants to introduce steps to strengthen the handling of mis-selling cases. Financial secretary to the Treasury Mark Hoban described the bill as a "milestone" addressing the flaws that led to the financial crisis. "This government is determined to strengthen the financial system and to do so in a way that gets it right," he added. Giving his Mansion House speech today (June 16th), chancellor George Osborne outlined the government’s plans for reforming the regulatory system, including the creation of an independent Financial Policy Committee at the Bank of England. Posted by Alex McLean 
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