The UK Financial Services (Banking Reform) Act 2013, which was enacted on December 18, 2013, implements certain of the recommendations of the Independent Commission on Banking regarding ring-fencing requirements for the banking sector. Other reforms include the closer regulation of banking executives, a bail-in stabilization power, the introduction of a payment systems regulator. It also empowers the Financial Conduct Authority to take measures to limit the cost of payday loans to borrowers.
