Regulators to get new powers

CITY of London regulators are to be given new powers to stop bankers receiving bonuses that “would cause instability” to the financial system, British Chancellor Alistair Darling said over the weekend.

Speaking in the Sunday Telegraph, Mr Darling said banking needed to change and that financiers had to see themselves as “fellow citizens” who had been bailed out by the taxpayer. He added that some of the huge bonuses paid to bankers around the world were viewed by the public as “ludicrous”.

The new rules are contained in the Financial Services Bill to be unveiled in the Queen’s speech on Wednesday, the newspaper reported.