New UK Bill Would Let Public Take Banks To Court

Law360, New York (November 19, 2009, 3:29 PM EST) -- British leaders have proposed a bill that would bolster the power of the country's Financial Services Authority – as well as the general public – to hold banks accountable for irresponsible business practices.

The Financial Services Bill, introduced Thursday, would allow consumers to collectively challenge banks in court, and it would grant the FSA, England's securities watchdog, the power to regulate private sector bonuses according to rules agreed to by G-20 nations earlier this year.

According to a news release Thursday, the legislation would also require...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.