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Govt announces financial sector reforms

Saturday 18 February 2012 by Gina Le Prevost

People in finance jobs in the UK may be affected by new proposals to better regulate the sector that have been laid out by the Treasury.

The plans will see the creation of three new bodies to oversee aspects of the market, including the Financial Conduct Authority (FCA) to monitor the activities of businesses.

Mark Hoban, financial secretary to the Treasury, explained: "The government is delivering on its commitment to reform the financial system, to avoid repeating the mistakes of the recent financial crisis and to ensure that taxpayers are protected."

The FCA will be able to take a more focused approach to regulating the financial services sector and monitoring the conduct of firms in order to create a stronger structure to promote future stability in the market.

Commenting on the proposals, PwC's director of regulatory practice David Kenmir said the new plans would fundamentally change how institutions market their products.