Draft financial reform bill published

LONDON - The UK government yesterday published its draft Financial Services and Markets bill, setting out plans for regulating the financial services industry including insurance companies. The bill includes proposals granting the new Financial Services Authority (FSA) extensive powers to regulate insurance companies, banks, building societies, brokers and other financial service providers. Newly appointed chief secretary to the treasury, Stephen Byers, said the bill proposed the creation of a financial regulatory system that was independent, flexible and accountable to those regulated by it and to the consumers it protected. Businesses and the public have until October 30 to give their response to the proposals. Earlier this week the treasury announced the abolition of the Insurance Brokers Registration Council (IBRC).