British banks agree to tough new code

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Britain's seven largest banks have agreed to a new Financial Services Authority (FSA)-proposed code that will enable investors to more easily understand bank activities and to compare and contrast bank performance.

The move to adopt the tough code, outlined in the FSA discussion paper "Enhancing financial reporting disclosure by UK credit institutions," reflects the strong belief held by Adair Turner, the FSA chairman, that the crisis of last year revealed questions about the quality and extent

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