Memorandum on the Recent Recommendations of the Walker Report and Proposals of the Financial Services Bill

December 7, 2009

On November 29, 2009, HM Treasury published an independent review of corporate governance in UK banks and other financial institutions, conducted by Sir David Walker at the request of the Prime Minister, Gordon Brown. The review focuses on risk control and remuneration. The memorandum summarizes the key recommendations.

On November 19, 2009, the Financial Services Bill was presented to the UK Parliament and had its second reading before Parliament on November 30, 2009. The Bill, when enacted, will significantly enhance financial regulation in the UK by making a number of amendments to the Financial Services and Markets Act 2000. The memorandum summarizes the key proposals included in the Bill.