Banking Reform Act becomes law

The UK Government’s Banking Reform Bill became an Act of Parliament in December 2013.

The Banking Reform Act is a key part of the government’s plan to create a banking system that supports the economy, consumers and small businesses.

It implements the recommendations of the Independent Commission on Banking, set up by the government in 2010 to consider structural reform of the banking sector.

It also implements key recommendations of the Parliamentary Commission on Banking Standards, which was asked by the Government to urgently review professional standards and culture in the banking industry following revelations of attempted LIBOR manipulation in 2012.