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Posted by Mark Cunningham

New possible legislation currently being considered by officials within the European Union would result in people in the UK being more adequately protected against the failure of any financial institutions they deal with.

That is according to the British Bankers' Association, which has applauded the EU for its document in which it sets out plans to provide a safety net for consumers who may suffer through no fault of their own should their bank or building society collapse in future.

This process towards a greater level of safety for individuals has been accelerated by the global economic downturn, which negatively affected people as many financial institutions were forced to close down or resize their operation due to financial constraints.

Angela Knight - chief executive of the BBA, which represents more than 60 such organisations in the UK - noted that this "ambitious" legislation is "very significant" as "no European financial institution should be too big to fail".
 

10/01/2011 15:24