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Credit card claims: Government publishes draft Banking Reform Bill

The government has published the draft Banking Reform Bill in the wake of the Libor rate-rigging scandal and the misselling of payment protection insurance.

Greg Clark, financial secretary to the Treasury, said the proposals illustrate the coalition's "ongoing commitment to reforming the banking sector".

The plans will now be reviewed by the Parliamentary Commission on Banking Standards, which is chaired by Andrew Tyrie MP and should issue its report on the scheme by December 18th.

All legislation related to this review should be on the statute books by the end of this parliamentary term.

"We want to ensure that taxpayers are protected whilst retaining our status as a global financial centre," Mr Clark said.

He revealed that ministers intend to formally introduce the policy in the beginning of 2014.

It should implement some of the key recommendations made by the Independent Commission on Banking, with banks obliged to meet all aspects of this guidance by 2019.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801468583-ADNFCR

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