3 Dec

Government announces banking bill

Government announces banking bill

New regulation of the financial sector will be part of the legislative programme announced by the Queen today.

The speech contained the banking bill, which is intended to create more financial stability and enforce in law code of conduct regulations that are presently only voluntary, with unlimited fines for those who break the rules.

It will also provide more protection for consumers.

The bill has been welcomed by the chief executive of the National Association of Estate Agents Peter Bolton King, who said the UK is "crying out" for government intervention to make the banks lend more.

He added: "A code of conduct, including the sanction of substantial fines if the banks refuse to play ball, is essential for the buoyancy of both the housing market and the wider economy."

An increase in lending could help more first-time buyers get onto the housing ladder.

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