Reform of banking regulation - Where are we now?

As 2009 dawned, many expected swift and decisive changes to the regulation of the banking system.

While it was clear significant debate would be needed before a system emerged to change the way in which our banking systems are regulated, this debate has identified tensions at various levels. Against this backdrop, the UK Government has given mixed messages of its vision of the shape of the landscape ahead. In his speech to Mansion House on 17 June, Chancellor Alistair Darling warned that financial institutions could not simply ignore recent events and return to previous practice: “If there is anyone in this room, or the industry, who thinks they can carry on as if nothing has happene...