Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the adequacy of regulation of banking sector.

Since 2010 the government has:

• legislated for the ring-fencing of large banks’ retail arms from their investment banking arms;

• ensured that the senior managers of banks are held accountable for their decisions; and

• put the Bank of England back in charge of bank prudential regulation.

The IMF noted in its recent Article IV concluding statement that “owing to a large extent to a wave of welcome regulatory reforms since the crisis, the main parts of the UK financial system appear resilient”.

The Government agrees with the IMF’s assessment.