You can now read 10 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe


British plan bank-breakup rules

Regulator says more power needed to keep financial system on course

LONDON — Britain’s chancellor of the exchequer, George Osborne, said Monday that regulators for the first time will get the power to break up banks, hardening legislation aimed at making lenders safer. He would also open up industry payment systems.

In a speech, Osborne said the breakup powers will be added to the banking reform bill to be presented to Parliament this week. Authorities would be able to split up an institution that does not abide by rules to insulate retail operations from investment banking. Bank payment systems would be regulated to make the system more responsive and allow new entrants into the industry.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week