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New blueprint for US regulation

The US Treasury has unveiled its blueprint for the biggest overhaul of financial regulation since the 1929 stock market crash.

US Treasury secretary Henry Paulson says the plan will give the Federal Reserve more powers to protect the stability of the entire US financial system.

Under the proposals, the Fed would have powers to examine the books of any financial institution deemed to potentially threaten the stability of the US financial system.

Paulson says the reforms address complex long term issues and are not a direct response to the current market turmoil.

The report, entitled Blueprint for a Modernised Financial Regulatory Structure, was commissioned two months before credit markets seized up last August.

Paulson stressed that more rules are “not the answer.”

He says: “We should and can have a structure that is designed for the world we live in, one that is more flexible, one that can better adapt to change, one that will allow us to more effectively deal with inevitable market disruptions and one that will better protect investors and consumers.”


MS columnist quits law firm

Alan Dring has quit as sales and marketing director of Goldsmith Williams after just four months at the legal firm.

Chance to regenerate branches

Andrew Levers, head of propositions at N4 Solutions, believes the FSA’s Retail Distribution Review will provide lenders with an opportunity to refocus on their branches and improve communication with their customers

PI overhaul threat to brokers

Brokers have been warned they could risk losing millions of pounds thanks to an overhaul of professional indemnity clauses by policy providers.

Commercial First suspends new lending activity

Commercial First has suspended all new commercial lending, saying that its existing funding facilities have been fully utilised and planned new arrangements have failed to materialise.


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