New Finance Regulator Must Prevent Another Crisis: UK

Law360, New York (January 13, 2012, 12:16 PM EST) -- Members of the U.K.'s parliament on Friday suggested the new financial regulator designed to protect consumers should promote greater accountability and competition among players in the finance industry in order to prevent another banking crisis.

The Treasury Committee of the House of Commons released a report with recommendations for the future Financial Conduct Authority, a new regulator proposed by Prime Minister David Cameron to replace the Financial Services Authority that lawmakers said failed consumers in the U.K.'s recent banking meltdown.

“We need a fresh approach to...
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