Government banking reform proposals were 'as expected'
The government's proposals for the reform of the British banking system were as expected, according to the Institute for Public Policy Research (IPPR).
Government banking reform proposals were 'as expected'”
The government's proposals for the reform of the British banking system were as expected, according to the Institute for Public Policy Research (IPPR).
According to the institute, the proposals which contain measures to help consumers - including credit card holders - could have been more expansive.
Tony Dolphin, senior economist at the IPPR, said that Mr Darling had not changed very much apart from giving the Financial Services Authority some power to look at salaries.
Mr Dolphin's comments come as the chancellor Alistair Darling revealed plans to improve regulation of the financial industry.
The plans included steps to help credit card holders and other consumers to make more informed choices about their finances.
A new independent consumer education body, which could offer advice about credit card usage, is one of the steps planned.
However, Mr Dolphin warned that the plans did not go far enough.
"There really isn't in there any sort of clarity on what the Financial Services Authority or the Bank of England will do differently in the future, if it will provide the occurrence of some of the problems we have had. There's talk of monitoring the system more, but there is nothing in there which tells us what the Bank of England can do, if they can go out and stop banks doing things, or not," he said.
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