Liberal Democrat Treasury spokesperson Ian Swales has welcomed the Coalition Government’s Banking Reform Act passing into law, bringing into force tough new measures to reform the industry.
Commenting on the Act, Ian Swales said:
“The Liberal Democrats are building a stronger economy in a fairer society, enabling everyone to get on in life.
“Everyone has felt the impact of the financial crisis, and this Banking Reform Act is a crucial step to ensuring that the British public are not again put in a position where banks that have acted irresponsibly have to be bailed out by the British public.
“For years Labour allowed the banks to run riot. On their watch, banks were allowed to act recklessly and risk the financial wellbeing of our entire country. Liberal Democrats in Government are cleaning up Labour’s mess and the Banking Reform Act is a key part of that.”