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Britain approves reforms to scandal-hit banking sector

Published on Dec 17, 2013 4:06 PM

LONDON (AFP) - Britain's banking reform Bill cleared its final legislative hurdle late on Monday, paving the way for a raft of new regulations including the "ring fencing" of banks' retail and investment divisions.

A vote in the House of Lords, Britain's upper chamber, rubber-stamped the government's plans for reforming the embattled sector, ending a challenge from the opposition Labour party, which wanted a licensing system on banking standards to be included.

"I am delighted that the Banking Reform Bill has been passed," said Mr Sajid Javid, Financial Secretary to the Treasury.

"This is a major milestone and marks the end of a three year process, led by the government, to make the UK banking system stronger and safer so that it can support the economy, help businesses and serve consumers."

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