UK regulators launch reform paper

Alistair Darling, the UK chancellor of the exchequer, announced on Thursday the publication of a banking reform discussion paper, written by the Treasury, the Financial Services Authority (FSA) and the Bank of England.

The chancellor told parliament that the discussion paper covered the principles for a new regulatory regime "that is clear and reassures depositors", which will be introduced in the next session, which runs from autumn 2008 until the following summer.

He said the new regime wou