New Banking Act

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The new act that allows troubled banking sector organizations to be rescued has now been put into place (As of 21/2/09) which will hopefully create some stability within the banking sector, as well as some kind of safeguarding for investors and savers.

New Banking Act

The UK’s new Banking Act, which will allow authorities to intervene and rescue troubled financial institutions and safeguard investors, is now in force.

The act, which came into effect on Saturday 21 February, means the Tripartite authorities (the Bank of England, Financial Services Authority and Treasury) will provide greater protection for investors as they can receive compensation within seven days should a bank collapse.