March 18, 2009

Lord Turner, chairman of the Financial Services Authority, is to publish a report which should change the face of the banking industry forever.The boss of the City watchdog has been awaiting his chance to unveil his radical reformation of the banking industry for months.In January in a lecture for The Economist, he hinted at some of the specific areas of focus for his report.

And similarly before the Treasury Select Committee in February, he suggested his document would make everything clear. So, the 18th is the big day - what's in store?Well, for starters he dare not make it anything less than comprehensive.It's likely to cover everything from hedge fund regulation to bank capital to accounting procedures to the Bank of England's relationship with the regulator.